Home Buying in 60622>Question Details

a_uminga, Home Buyer in Georgetown, TX

I'm purchasing a home and later turning it into a Group home care for seniors. How does that affect my loan through FHA?

Asked by a_uminga, Georgetown, TX Wed Aug 7, 2013

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Answers

9
Can you do conventional? FHA will not work! Talk to your loan officer and your Attorney and they will advise you on this one also!
0 votes Thank Flag Link Wed Sep 25, 2013
FHA is for owner occupants. If you are not intending on occupying it and go forward in this fashion and HUD finds out could result in fines or possible jail time for mortgage fraud due to the violation of the affidavit of occupany.

if you do intend on occupying it though and it is a multi-unit property with 4 units or less then more information would be needed.

If you need additional clarification or desire to run through the options with respects to seeing if FHA is an option feel free to reach out to me.

Chris Diamond
NMLS: 771882
Diamond Residential Mortgage Corporation
847-775-2181
chris.diamond@thedrmc.com
0 votes Thank Flag Link Thu Aug 8, 2013
talk to your lender who has the loan now
0 votes Thank Flag Link Thu Aug 8, 2013
Usually FHA does require owner occupancy for a certain amount of time and also some homes require owner occupancy for a certain time if they are HUD, Fannie Mae or Freddie Mac. But an important question too is will this be allowed by the town and the neighborhood. This would require certain zoning or permit, so I would check to ensure it is allowed before closing.
0 votes Thank Flag Link Thu Aug 8, 2013
The plot thickens. Philip gave you the best advise. So you are looking to open a senior home.
0 votes Thank Flag Link Thu Aug 8, 2013
FHA is for owner occupants so that might be a problem. Ask them or refinance.
0 votes Thank Flag Link Thu Aug 8, 2013
Speak to your Loan Officer and Attorney.
0 votes Thank Flag Link Wed Aug 7, 2013
If you want council from a laywer, I suggest you call Erik Miles at 312-854-8092, let him know your situation and he will be upfront with his fees (which are very reasonable) and how he can help you.
0 votes Thank Flag Link Wed Aug 7, 2013
How long did you live there before converting it. Sometimes as long as you were there a few years, you satisfied your requirements. Read your loan paperwork to see what your restrictions are. Also call their offices and ask questions "hypothetical" questions.
0 votes Thank Flag Link Wed Aug 7, 2013
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