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Updated almost 3 years ago,
Owner occupant lending?
Hello all,
I purchased a duplex in October last year using an FHA loan. I want to move out but I understand FHA loans have a one year owner occupancy requirement.
I was wondering if it would be possible to qualify for a owner occupant homestyle renovation loan, buy another property, and have the renovation happen now. I would like to time purchase and rehab such that the renovation is complete and I can "legally?" move in at the one year mark. Not sure if having an FHA loan would automatically disqualify me for another owner occupant mortgage within 1 year 🤔.
Any thoughts on if this strategy is plausible? Thanks!