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Updated almost 2 years ago,
Timeframe to move in to a house hack on an FHA loan
When house hacking with an FHA loan, is there a certain timeframe that the FHA dictates you to be moved into your property within after making the purchase?
Say I purchase a duplex with an FHA loan and plan to occupy of the units as my primary residence, but I have five months left on my current 12-month lease. In order to avoid breaking my lease early to move into my new duplex right away (and to avoid paying the fees associated with breaking the lease), my idea is to allow the current tenants in my duplex to stay for the next five months and collect their rent for both units, all while continuing to pay my rent for the rest of my lease term. Then once my lease is up, I'd take over one of the units in the duplex.
Basically my question is this: does the FHA require you to use the property as your primary residence right away after purchasing, or could I wait the five months until my current lease is up and am able to move?