Owner-occupied, How Long Do I Have To Live There?
For example HUD REOs are being offered to owner-occupied type buyers first, I'm looking at a house and technically could partically move into it since I'm living with a buddy right now anyway. Question is the house i want is a duplex and how long until i can move out and rent both units instead of renting one and living in the other? 3 months?
Call them and check. Some are 1 year some are 2 and I have seen others that are 5
It all depends on the lender. Most lenders look for a year of occupancy. which isnt bad it gives you time to fix up the place build some equity. that way in a year you can use some of the equity to buy something new and then rent out the two units, but like I said check with the lender because if you dont and you move out right away they might acuse you of never having the intentions of occupping it. and that a headace you dont want.
o ok, so it depends only on the lender and not HUD, so if I were to structure some sort of "all cash" deal then no lender would be involved and it wouldnt be an issue?
I think you better keep doing your research. A HUD reo is listed according to the intent of HUD's purpose. If you are picking up during the owner occupied timeframe, they might have requirements as well. I'm thinking 12 mos., but you should be able to find your answer on http://www.hud.gov somewhere.