If you are getting a loan as a primary residence you must intend to occupy the property as your residence. if you buy and say you are buying it as your residence but the whole time you are planning to basically not live in it, that is  lying and could get you in trouble for mortgage fraud. you may not get caught, but if you do it is taken seriously, beside legal trouble lender could call the mortgage due if they found out you were lying.

As Jay explained, it's honestly not the end of the world if the IRS exercises the redemption right. 

Just trying to be brutally honest.

Honest contractors are hard to find.

It's a second loan on top of the FHA product.You have to continuously reside in the property for 5 years for it to be forgiven.You won't be able to refinance the property with zero equity.

Honestly if you want the scoop on that area go to the synagogue and talk to the people there.

I wish there were more people who were honest and cared about actually helping others, so that's why I take the time to do things like this.

To be honest 140k+ of household income should put you in a pretty dominant life position even in a higher cost of living area, financially speaking - with the right plan.

The plan would be to use this replacement property as an investment and then turn it into a second home or a primary residence after we sell our current home tax free.  

Investment Info:Single-family residence fix & flip investment in Mobile.