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Updated almost 3 years ago,
How do you "define" primary residence for FHA purposes?
Could you live in an FHA property for 6 months and 1 day and still have it count as your primary residence? As in, spend 6 months and 1 day sleeping at the property, and the other time of the year not sleeping there, but you'd still have your taxes/utility bills/everything going to that property and being in your name, and it wouldn't be rented out.
Also, what happens if you travel a lot and are out of the country for a few months per year (consecutive)? Do those months count as "living at the FHA property"?
Another question: If the property appraises for 25% more than the purchase price, and you plan to refinance it after 6 months into an "investment" property, is this still okay or is it "bad" because you'd already be planning to refinance it before your one year of residency is over?