Getting engaged after purchasing primary residence

[Monica P.]

Hi there, I just closed a week ago on a primary residence that is my first home purchase.  It is a 4-unit building and I was planning to live in one of those units (per the mortgage contract, I need to move in within 60 days and live there for 1 year).  I have provided notice to evict one of the units and move in.

Now, my boyfriend and I are discussing getting engaged, and if we do, we would like to rent a place closer to where we both work.  Should I, and do I need to, write a letter to the bank to request permission to live elsewhere and rent out all the units in the building I just purchased?

[Brian Adzadi]

This is obviously an FHA loan and FHA guidelines mandate you living in one of the units. FHA is a government subsidized loan, so its not just the bank that is mandating you, its the US government as well. If you don't, its considered fraud and there are serious penalties for that. Since you have already closed, your 2 options are to 1) move into one of the units and figure out you career later or 2) Put the house back on the market. Sorry, that's just how it is. You should have read and fully understood the severity of the loan.