All Forum Posts by: Ellie Narie

@Ellie Narie

You need to "treat" its as your primary residence for 365 days...  You could be on a business trip(s) for 365 days, but that is your primary residence.  For example, you mailing address of record with your employer (i.e. W2/1099's get mailed there) and other statements (e.g. bank statments, utility bills, credit card bills, etc.).  Nowadays there is paperless billing, but the bills still have an address on them..

There is nothing illegal about having a life change. If in 6mo your job relocates you or you change jobs to a different location, of course you can get a new owner occupied loan. Of course, I would have documentation for this. You aren't supposed to pay off a conforming loan before the 6th payment, so a little tough to get around that. Also, not sure why/how you would refinance into a conventional "investment" loan... If you qualify, the conventional loan is going to be cheaper than FHA. The former usually does a 95% LTV and sometimes 97% LTV. The latter can do 96.5% LTV.. So, if you go FHA for the higher LTV, why bother paying for a second loan, the conventional, since you are going to have to come with cash to the refi to satisfy the LTV. If you are trying to brrr or something, well then yes you are playing a game trying to use a conforming loan designed by the Gov't to help people buy primary homes, not investors.

Be happy to chat, just let me know.  Hope this helps.  Good luck.

Could you live in an FHA property for 6 months and 1 day and still have it count as your primary residence? As in, spend 6 months and 1 day sleeping at the property, and the other time of the year not sleeping there, but you'd still have your taxes/utility bills/everything going to that property and being in your name, and it wouldn't be rented out.

Also, what happens if you travel a lot and are out of the country for a few months per year (consecutive)? Do those months count as "living at the FHA property"?

Another question: If the property appraises for 25% more than the purchase price, and you plan to refinance it after 6 months into an "investment" property, is this still okay or is it "bad" because you'd already be planning to refinance it before your one year of residency is over? 

The appraisal can only lower the loan amount, not increase it. If it appraisals for what you’re paying to the dollar or more is all the same. 

@Ellie Narie I just tell them that all damages are deducted at vacancy of all parties. If they want an inspection or there is known damage by the roommate I can bill it now. I will not deduct from the sd.

@Ellie Narie No.   Have them present you with a new roommate for screening and approval and then amend the lease. The security deposit division is between them, it stays with the property. The new roommate can remimburse the leaving roommate or the staying roommate can reimburse the leaving roommate but it is their issue.  I usually have a termination agreement for the leaving roommate. It says no security deposit or refunds are due to them and the lease of xyz date is terminated.