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Updated almost 8 years ago,
FHA seasoning, is my lender confused???
I bought a home with a conventional mortgage 10 months ago with 20% down. I have now found a fourplex that I would like to use FHA financing on (& use as my primary). However, my lender has told me that I cannot even apply for a FHA loan until I have owned my current house for 1 year; and that this rule was set by Fannie.
I've read the FHA and Fannie Mae guidelines and cannot find this rule in there. I've called their helplines and they hadn't heard of this. I understand the borrower must commit to live in the property for 1 year but cannot find anything anywhere about the 1year requirement my lender speaks of.
Is my lender confused? What's the real deal?