Financing in Spokane Valley>Question Details

Tmi3388, Home Buyer in Spokane Valley, WA

FHA Owner Occupancy Rules - Getting Married

Asked by Tmi3388, Spokane Valley, WA Tue May 29, 2012

I just purchased a duplex with an FHA loan and signed the 1 Year Owner Occupancy contract. I move into one side of the duplex next month while the other side of the duplex is rented. My boyfriend just proposed and we want to get married quickly - within the next 3 months as his grandmother is dying and he wants her to be at the wedding. He owns a house that he got with a Conventional Loan and we both want to live at his house as there is a fenced yard which we need for his dog and a two car garage for the both of us. The two houses are only about 2 miles away from each other. I don't want to appear fraudulent and have the note collected on since I did sign a contract saying I would live there for 1 year. What are the exceptions and what are my options?

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2
This is a legal question that you should consult a real estate attorney about.
1 vote Thank Flag Link Tue May 29, 2012
You "just purchased"? When did you purchase, in the last week, last month?
If you rented your place out, you would have to show the income and take the deduction on your 2012 taxes, right?
My lender friend informs me you would probably not have a problem as far as you not living there unless you and your new husband decided to go out and purchase something else. The lender on that home would want to see your tax records and the extra rents may raise a red flag. Obviously, this is not an honest option.
I am refreshed about your honesty about this.
You need to contact a Real Estate attorney on this matter. They have the knowledge and the training to help you. If you would like a name and phone number, please contact me.
Thank you,
DAVE
"Schmoe Knows Homes"
(509) 499-6989
0 votes Thank Flag Link Tue May 29, 2012
I purchased the house three weeks ago. Thanks for your response, Dave!
Flag Tue May 29, 2012
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