primary residence qualifications...?

[Austin Bull]

Hey all,

I'm planning on using a primary residence loan on my first SFH or small multi-family house-hack; most likely an FHA loan. BUT..I am wondering what constitutes a primary residence?

-Can I live there part time and short-term rent(Air bnb) the room/unit that I was just living in while I'm gone? How long do I technically have to be in the house throughout the year for it to be my "primary residence"?

I don't want to have mortgage fraud, but I want to know the limits of what I can and can't do.

Thanks!

[Andrew Postell]

@Austin Bull ah, so probably some nuance here.  If they have occupied their "primary home" (where ever that might be) for 12 months then it doesn't matter for lending purposes. You are certainly allowed to have a "secondary" home but after 1 year it doesn't matter anymore.  Now, declaring your occupancy to the state should coincide with the primary home you occupy.  You will sign documentation at closing that states to the effect "I am intending to occupy this property as my primary residence".  Your federal tax returns.  Your Driver's License.  Your Passport.  Those are all documentation items.  We want those to match but it's your intention.  What do you intend to do?  Just intend to occupy the home for 12 months and everything is good.