3% Down Conventional Loan

[Jeff Dixon]

My wife and I are considering taking advantage of a 3% down conventional loan to buy a multi family. However, it’s my understanding that you need to move in with so many days after taking possession of the property.

Does anybody know the penalty if you don’t move in on time or ever, as long as the mortgage is being paid on time?

Who would generally check into this to ensure the owner has in fact moved into the property?