Possible to use FHA first home buyer loan for investment home?

[Paul Breitenstine]

I am a first time home buyer living in New Jersey. Ive heard of people using a strategy and was curious if anyone had experience doing so. If possible without getting jammed up by the housing authority, I wanted to purchase a home using an FHA loan with the first time home buyer grant which give me 10k towards down payment and closing. Normally this is supposed to be for a primary residence. However, people have told me you can go into the residence with your "intent" to have it be your primary but once you secure the home and mortgage , your "Intent" changed. (Hypothetically you no longer wish to live there girlfriend didn't like it, you lost your job, had a kid needed a bigger home, etc.) could you than turn it into a rental ? The affordability and rates are so much better with FHA vs conventional. And saving that 10k is huge amount of cash. If anyone has done this or knows anyone who has or has info on this potential strategy please give your feedback back

[Wayne Brooks]

No, that is BS. FHA guidelines require you to actually live in the house for 1 year. Any "first time buyer" program will have similar or probably tighter restrictions, as in paying back the grant if you don't.