FHA -Legal question

[Nicholas DeLouisa Jr]

Hello,

I have a question about FHA loans. Let me preface this by saying I am not looking for any kind of "permission" or advice on how to break the law and not get caught. I guess what I'm looking for is a loophole.

So here's the question. I know that there is an intended residency requirement inherent in the loan. If I were to buy a duplex (or tri- or four-), I know I could live in one of the units for a required amount of time (366 days, I think; I live in NY) and satisfy the residency requirement of the FHA loan. However, I am wondering if it is possible to leave one unit vacant, change my legal address to the vacant unit, and yet not actually live in the unit. It would be far cheaper for me to absorb the vacancy for a year rather than to move in.

So does anyone know the specific rules regarding the residency requirement? Is it a minimum portion of the week, or perhaps some other minimum proveble standard?

Thanks. 

Nick

[Account Closed]

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