Owner Occupant Requirement
This is a hypothetical...
Say you purchase a 3-unit aparment building through the FHA because you only need 3% down and you agree that you will live in the building.
What if for some reason or another you are unable to move into and live in this property. Are there any ramifications or won't anyone care as long as the mortgage is paid?
Thanks,
DrZ
Anybody....
Most lender's contracts state that as owner occupied property, you "intend" to occupy the house within a certain time frame. Many things can occur after you sign the contract that can prevent you from moving into the property, and cause you to decide to rent it out. Some contracts state that you "will" or "shall" occupy the property. Either way, as long as you pay the mortgage on time you should not have a problem. Especially if it is a large national lender. But always have a plan in your back pocket if the mortgage company does find out and decide they don't like it.