FHA 1 year live in property rule

[Drew Farnese]

Hey guys!

I have a plan to buy my first property as a live in and fix then rent it a few years later when I can afford more house.

I am going to buy property number 1 with FHA 3.5% down. While living in it and fixing, I was thinking we can buy another place in my girlfriends name. Same deal, FHA 3.5% down, possibly 203k renovation loan for repairs.

The question - I know FHA specifies that the buyer must "live" in the property for a year...how loosely do they hold the term "living in"? Trying to form a plan, so knowing what we can and can't do is important!

[Account Closed]

I did the same thing in 1995. I was told to Change my address to the property, drivers license, voting registration etc. for at least a couple months & you should be ok. In my case I never changed my address & only slept in the home 1 night. Took a chance. The people at the mortgage company where suspicious but never did anything as long as they got the payment on time. Sold it 7 years later. However, things my be different now.