Is it required to live in your duplex as a FTHB?

[Ted Swagerty]

So, I'm buying a duplex as a first time homebuyer. Apparently, the FHA loan stipulates that the buyer must live in one of the units. How do they verify that you do this? Couldn't one collect his mail at the duplex but rent out both units?

I’ve been living on my sailboat for the past year saving for the down payment and it’s pretty nice. The rent is very cheap.

It’s tempting to rent out both units, paying cheap rent and save for another house... does the bank send a person to your residence to see if you actually live there? 🤔

[Tim Herman]

@Ted Swagerty you are going to be signing papers saying you are going to be living there. The odds no one will know but you will be committing mortgage fraud. You could get 30 years in the nearest fed pen and$1,000,000 fine.