3.5% or 5% FHA/Conventional Loan without the 1-year requirement?

[Nader Hachem]

I've been sitting on the sidelines waiting for Q4 2022 to come along because I'm currently looking for a primary residence and getting married in October - so I've been saving my cash for then and not investing. I've heard from a few people that I could get an FHA/5% conventional loan on the property now, and since I'm getting married in 8 months, that could be a way to eliminate/get out early of the 1-year occupancy required for 5% loan. My idea is that rather than waiting for Q4 and putting 20%, I could use 3.5-5% on a rental now, live in it (or just occupy it until October), eliminate the 1 year requirement and rent it out then. Of course, I would only do this if it's allowed/legal.

Anyone know more about this?