3% Down Concentional 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 within 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?

[Stone Jin]

@Jeff Dixon You will only be in trouble if you are busted, and if you are busted it'll be for mortgage fraud.