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Updated about 3 years ago on . Most recent reply

User Stats

201
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37
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Ellie Narie
  • Investor
  • Ashland, OR
37
Votes |
201
Posts

How do you "define" primary residence for FHA purposes?

Ellie Narie
  • Investor
  • Ashland, OR
Posted

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? 

Most Popular Reply

User Stats

338
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218
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Tom Wagner
  • Real Estate Agent
  • Minneapolis
218
Votes |
338
Posts
Tom Wagner
  • Real Estate Agent
  • Minneapolis
Replied
The answer can be found in the governing document for the FHA loan program: HUD 4000.1
https://www.hud.gov/sites/dfil...

See page 157 for the exact definition.

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