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Updated almost 10 years ago,
FHA loan requirement - primary residence
I want to know for how long are you required to have a property as a primary residence if it is under a FHA mortgage loan, and assuming that it is a multi-family.
I heard that after one year, you can move out of the property and rent it out to tenants, is this true? I heard some conflicting information from a mortgage broker at a presentation. Even if you move out after one year is the property still considered to be your primary residence?
Maybe I am confusing the terms "primary residence" and "owner occupancy", or are these terms speaking about the same thing?