Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

11
Posts
3
Votes
Keazy Moto
  • Appraiser
  • Los Angeles, CA
3
Votes |
11
Posts

60 day limit to owner occupy but duplex NOT delivered vacant?

Keazy Moto
  • Appraiser
  • Los Angeles, CA
Posted

Hello BP!

This is my first post ever.  I've been listening to the pod casts daily and reading up on the forums.  I have my first question!

My fiance and I are looking to purchase our first property.  We're looking at a duplex and it will not be delivered vacant.  Both tenants are on month to month leases.  We wish to owner occupy, get the better interest rates and do a house hack.  I suppose the pessimist in me is looking at the worst case scenario.  I looked up the requirements below and saw that we would need to occupy within 60 days.  It is my understanding that upon closing I can notify the tenant and give them the 60 day notice that I will not be renewing their lease and that they'll need to move out.  Worst case scenario, what if they don't leave and I'm forced to evict?  Is that somehow "breaking the law" because I'm not owner occupying it or is there some stipulation that I "tried" and eventually in a few more months, I'll eventually owner occupy it... does that make sense?

4155.1 4.B.2.b FHA Requirement for Establishing Owner Occupancy At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied. FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.

Loading replies...