Some companies have a stipulation that it must be for a primary residence, so check on that.The cool part about this is that you don't pay the bank the interest, you pay yourself the interest (back into the 401k), so it is a way to get cash right now, but accelerate the re-building of the 401k funds. 

Also commerical real estate doesnt offer the same protections as residential and due diligence burden is on you as the buyer.Know whether business days or calendar days are being used and stipulate it in the contract.Sellers and buyers can back out of a transaction up to the day of closing.  

Do you have language in your lease that stipulates "this agreement supersedes all other previous agreements".

@David D'Arcy using several means never hurts, but you must comply with whatever is stipulated in your landlord tenant laws for the state where your property is located. 

Then I have a lease clause that stipulates a 6% to 8% increase at renewal of lease, with the renewal being month to month.

Good morning Trischa,Being a former renter for nearly 20 years there was always a stipulation in the lease if I wanted to paint my home/apartment. 

There were some stipulations (you had to be in your plan for at least 5 years) I think Brian Eastman is right I would definitely contact your plan administrator and see what the rules are, it's worth a shot.

@Nick G....you are correct about the grants stipulation, you have to hold on to the property for a period of 10 yrs ( which i do not mind as i have a young child) or you pay back that money

So Providence is coming up on my radar for a number of reasons.If I let go of that stipulation, then I will just go turnkey in some of the midwest/southern markets being discussed on BP.In the past I've done a strategy of buying in fringe areas that then catch up with their neighbors.

You will just have some more hoops to jump through in regards to reserves and legitimacy of living in said property.Long: Through basic FHA background there is no stipulation of you not being able to obtain a FHA loan due to already having another loan type on a NOO property.