FHA loan rules - Posted by Concerned

Posted by dewCO on October 30, 2000 at 22:27:46:

Yes, when the FHAs are made they are supposed to be owner occupied. Someone posted a while ago that they are supposed to remain that way for 2 years. Howver, don’t know that there are any FHApolice out there, as long as the payments keep coming on time. However, you can’t keep getting FHA loans without paying off the prior loans. Not sure what the limit is, but it isn’t much, like 2or 3. The FHA loan is designed to get people into homeownership. Not to be someone’s 3% investment financing. You can buy multi family properties, as long as you live in one of the units, then it is considered owner occupied.

FHA loan rules - Posted by Concerned

Posted by Concerned on October 30, 2000 at 11:03:51:

Are all FHA loans owner-occupied? If it is what happens if
the new owner decides not to move in after the closing. Are there some penalties? This a 3-family home.