Financing in 95630>Question Details

Dave, Real Estate Pro in Folsom, CA

FHA 'owner-occupied' loan restriction

Asked by Dave, Folsom, CA Thu Apr 29, 2010

Hi,
For a FHA loan, if the sellers request to live in the home for 2 weeks AFTER their house is sold, do the buyers violate the 'owner-occupied' rule for the FHA loan?
I know the conventional lenders are not that particular, but would like to get some expert-opinion regarding this scenario for a FHA loan.

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James P. Ryan, Jr’s answer
FHA allows up to a 60 day rent back period as spelled out in the purchase contract or an addendum to same. You should have no issue with two weeks. Best of luck, and congratulations on your new home. If you need a competitive bid on your mortgage, give us a call! Jim, HSOA, 703 591 5626 ext 419.
0 votes Thank Flag Link Fri Apr 30, 2010
Good question. The 2 previous answers provide great information. Folsom is in my neighberhood, so please let me know of any other concerns. Thanks, Jason
0 votes Thank Flag Link Thu May 6, 2010
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