FHA And Owner Occupied
I have a SS where the homeowner purchased the house FHA as owner occupied just 5 months ago. He lived in it for about two months but then his mother got sick and he moved in with her and rented the place out to "friends". The friends stopped paying rent and the rest is history.
What is the FHA rule about owner occupied and how should I word my proposal as to not kill the deal with the lender or HUD.
Brenda
if you can document the need to vacate as a hardship... you can squeek by that obstacle...
I'm wondering how you'll be able to justify a marked decrease in value in such a short time...
So the house in now vacant. Will they want to see the lease of the former tenants? I do not have the material in front of me, but it seems that the house needed to be occupied by the owner, or rented. His tenants have hit the road.
The tenants did not take care of the property and the home owner over paid.
brenda