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can i buy a home with fha if i dont live there all the time but it is my only residence?

by bennet_498_475 from Stillwater, Oklahoma. Feb 6th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

I'm here to help directly if you'd like as a Direct Lender and to offer you guidance to your question. Here is the information as it comes from FHA Guidelines directly:4155.1 4.B.2.aDefinition: Principal ResidenceA principal residence is a property that will be occupied by the borrower for the majority of the calendar year.4155.1 4.B.2.bFHARequirement for Establishing Owner OccupancyAt 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.If you would like to speak about this offline, I'd be happy to help. We lend in all 50 States. Enjoy the evening!

Feb 6th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It would have to be your "Primary" residence.. so if you live there most of the time, you're ok.. But some underwriters will make you apply as a 2nd home if you do not plan on giving up your other residence.. it's a technicality, but FHA guidelines state you can only purchase a Primary Residence, owner occupied property... If you really want to know for sure, you should contact a local mortgage broker and sit down with him and explain your complete scenario..... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 6th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

By definition, your residence is where you live, regardless of ownership status. FHA requires you to live in the home you are buying as your "Primary" Residence. This means you live there more than half the time. It is the address you put on your driver's license and on your tax returns. If this property is not near where you work, it could be problematic. If you have another place (or several places) that you rent or otherwise live in occasionally, then you cannot live in it/them for more than 182 days in any given year. That leaves 183 days for you to live in your "Primary" residence. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950.

Feb 6th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

I need more specifics as to why you dont love there all the time. Click on the image at left you my profile and contact info.

Feb 6th 2013
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Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions

It definately needs to be your primary residence. A good test is to determine this is the address on your bank statements and drivers license.

Feb 6th 2013
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Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions

Also we are in Tulsa if you need futher assistance 918-388-9719.

Feb 6th 2013
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Anthony Piccone (apiccone)
#97 ranked lender in New Jersey - 17 contributions

It must be your primary residence as reported on your tax returns and documented by your drivers license etc... plenty of borrowers snowbird and live different places throughout the year. As long as you can document primary residence the answer is yes.

Feb 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Also needs to be near your job, your place of employment. If you travel extensively, or are a trucker that's fine.

Feb 6th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

What amount of time would you be spending at this house that you will be buying? Also why would you not be living there all the time?Also do you currently own another house?

Feb 6th 2013
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I do not own another house. I would live there some and with a friend some but it would be my only house. I would also make it my residence on my drivers licence and bank statements

Feb 6th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

See Bert's answer.

Feb 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

with your additional information, I don't see an issue as long as where you work is within a reasonable commute. If you are retired then it doesn't matter

Feb 6th 2013
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my office is about 2 hours away but I AM in sales and only go by the office a couple of times a week

Feb 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

That should be a reasonable explanation, a letter from your company confirming that might be needed as part of the application but it shouldn't be a big deal.

Feb 6th 2013
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I would live there about 4 nites a week give or take

Feb 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I don't see a problem

Feb 6th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

Thanks for supplying the additional information.I think you should talk to local lender and see if they can help you get a loan.

Feb 6th 2013
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