Hello BP!
This is my first post ever. I've been listening to the pod casts daily and reading up on the forums. I have my first question!
My fiance and I are looking to purchase our first property. We're looking at a duplex and it will not be delivered vacant. Both tenants are on month to month leases. We wish to owner occupy, get the better interest rates and do a house hack. I suppose the pessimist in me is looking at the worst case scenario. I looked up the requirements below and saw that we would need to occupy within 60 days. It is my understanding that upon closing I can notify the tenant and give them the 60 day notice that I will not be renewing their lease and that they'll need to move out. Worst case scenario, what if they don't leave and I'm forced to evict? Is that somehow "breaking the law" because I'm not owner occupying it or is there some stipulation that I "tried" and eventually in a few more months, I'll eventually owner occupy it... does that make sense?
4155.1 4.B.2.b FHA Requirement for Establishing Owner Occupancy At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied. FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.
