Owner Occupied Requirement

[Aaron Murphy]

Hello,

I am interested in the House Hacking Strategy where you buy a home-- rent it out while living there and then transition to another property using the fact that you are moving into the new property as a primary dwelling to continually minimize the amount of cash that is required for down payment.

I have purchased one house already and am starting to analyze the market for the next property.

How long do I have to stay in the first home if I financed with an FHA loan before moving to the next to satisfy the requirement that I bought it as a primary residence?

I have read 1 year-- I have read 6 months. If it is not a hard and fast rule-- where is the best place for me to find the specific requirement for my area?

[Jeff Brower]

Ramon is right. One year. If you sign the docs and move out prior to one year without just cause, you would be committing mortgage fraud. You have 60 days from closing to move in. If you buy a good enough deal with built in equity, or put in a bunch of sweat equity the first year, you can refinance in to conventional and use an FHA 3.5% down loan on the next home... but Ramon is right in that you can only have one at a time.