FHA Occupancy Requirements on a Two Family?

Asked by Matt F, Boston, MA Sun Jan 17, 2010

I am purchasing a two family with a FHA loan, living in one unit and renting out the other. The occupancy requirement is one year according to the documents. Does this mean that after one year I could move out and turn the property into a full rental without violating FHA rules? Or would I need to refinance to a traditional mortgage?

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Lew Corcoran’s answer
Lew Corcoran, Agent, Easton, MA
Sun Jan 17, 2010
After one year, you can move and rent out the unit you plan on living in without refinancing. However, unless you meet one of the exceptions, you will not be able to get another FHA mortgage unless you pay the first one off.
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