How do mortgage companie know a residency is a “Primary”?

[Ramiro Rodriguez]

Looking to buy a property im Preaprroved for an FHA 3.5% down. But they say I must live in the residence for 1 year. My plan was to do a light rehab of the interior within the first few months of owning it and use it as an AirBNB rental after that.

How do they “confirm” it is my primary residence?

Do they show up at your door to check if you live there?

What is the process for this?

Thanks!

[Bill B.]

Ways you’ll be busted and end up in prison...so that you can save 1/2 a percent interest. 

Wrong address on driver license, credit card bills, insurance forms. 

Wrong kind of insurance for a primary

Website listing the place for rent

Tax returns showing rental income

The fact you have a different property homesteaded  

The fact you posted you were going to do it on a real estate website for landlords  

Your official mailing address  

You’re right, screw those lenders for trying to help people own a home they want to live in, I’m sure they didn’t do it for you when you were really buying your primary  at least you’ll save a few hundred until then  it’s not like you’re lying to the federal government, the keeper of all the records