Asked by: Izaskum Scharfscheer
personal finance home financing

How long do you have to owner occupy a property with an FHA loan?

Last Updated: 4th April, 2020

Owner Occupancy Requirements
The borrower must physically take occupancy within 60 days after the mortgage loan closes. The borrower must maintain this occupancy on a continuous basis for at least one year. FHA will allow some exceptions to this rule only for reasons of hardship.

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Keeping this in view, how long do you have to live in a property with an FHA loan?

one year

Also Know, do FHA loans require owner occupancy? The FHA Owner-Occupied Rules The FHA requires that borrowers live in the home they use for FHA financing. You must then live in the home for most of the year. If you have more than one borrower on the loan, at least one of you must satisfy the owner occupancy requirements.

Keeping this in view, how long do you have to owner occupy a property with a conventional loan?

Generally, for a property to be owner-occupied, the owner must move into the residence within 60 days of closing and live there for at least one year.

What happens if you rent your FHA home?

If the FHA allows you to rent out your current property, you'll pay a price, so to speak, on your next FHA loan. Chances are, if you had a credit score above 580, you only put 3.5% down on the home. However, before HUD allows you to move out of this home and buy another, you may have to lower the balance of your loan.

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How do you prove owner occupancy?

Your name is on the document as the legal owner of the home.
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  2. Mortgage Payment Book or other mortgage documents.
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  4. Property Tax Receipts or Tax Bill.
  5. Property Title or Mobile Home Certificate of Title.

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Do you intend to occupy the property as your primary residence meaning?

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