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what happens if the borrower does not live in the fha purchased property?

by raley.white00719 from Ridgefield, Connecticut. Apr 30th 2015 Reply


Dotty Owens (do1025)
#25 ranked lender in Connecticut - 18 contributions

You are allowed to have 1 FHA property that you do not live in as long as there are specific reasons, such as you are moving out of state and buying a house in another state. If you are looking to simply purchase a property as an investment property, you can't do FHA in most circumstances.

Apr 30th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

If the property was purchased as a primary residence and you have had some circumstance causing you to vacate the house you can turn it into a rental or whatever. If you are buying and have no intention to live in the property than an FHA loan is not for you.

Apr 30th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Exactly, you can move after buying due to changes in your situation but you can't use FHA to purchase a home you will not live in (except if you are a co-signer for someone else)

Apr 30th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed.. if your purchasing a new property and you're using FHA, then guidelines require you move into the property within 60 days of closing.. and you must live in the property for 1 year before vacating it.. after the 1 year, you can rent it out if you choose too. However, in most cases, you will not be able to get another FHA loan until your existing one s paid off.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 30th 2015
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 156 contributions

short answer? Keep making payments on time and you'll be fine. Ron Pippin. Utah's Mortgage Expert

May 1st 2015
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