FHA

[Jorge Ruiz]

Hello BP! I'm thinking about buying a 2-4 unit using an FHA loan. I understand that I have to occupy the residence within 60 days here in California. Is there any way around this? Not trying to be a fraud or cheat anyone-just want to know if I have any options. I appreciate any advice. Thanks BP.

[Chris Mason]

Originally posted by @Jorge Ruiz:

Hello BP! I'm thinking about buying a 2-4 unit using an FHA loan. I understand that I have to occupy the residence within 60 days here in California. Is there any way around this? Not trying to be a fraud or cheat anyone-just want to know if I have any options. I appreciate any advice. Thanks BP.

 Yup. Provided that you intend to move in, just not within that 60 days. We need something loan related, that will waste some time, and prevent you from moving in.

Oh, I know! How about a renovation project? 

Hey, what's this?! FHA 203k? Huh, would you look at that.

There ya go, just bought you six months. We've got to dream up six months worth of renovations that add value to the home.... there are a LOT of other nuances at play, too. Timing is obviously critical here.

Six months plus two months equals eight months.