Bigl
Home Buyer
New York, NY

Hi I have owned a multi-dwelling home for over 3 years now with an FHA loan (I occupy 1 unit & rent out the other 3). I refinanced in June this year. I believe its a streamline refi because I didnt take cash out of the home, the bank kept all my payments from my 1st loan & just lowered my monthly payments. I now need to move out of the house but I do not know if I still have to satisfy the FHA 1 year occupancy rule w/ the refi. Of course I satisfied it with the original loan as I lived in the house for over a year. The contract in my refinance papers state "I have up until 60 days after the execution of the instrument to occupy the home and I must maintain residency for at least 1year." This is very confusing because my original loan papers state the EXACT same thing.. How does this apply to me since I was already living in the home at the time of the refi and my date of occupancy is over 3 years ago? Do I still need to occupy the home for 1 year from the closing of the refi?