Posted on: 15th Jan, 2011 08:54 am
When does the date of Occupancy start on an FHA loan? We have been living in the house for 7 months and did an FHA finance. We We We were suprised at closing to hear that we must live in the house for 12 months. We do not intend to move. However, what if we had to move due to financial reasons and rented the place out? We were told that we would be foreclosed upon if we moved.
We do not feel like it is our home anymore and live in worry in case we had to move due to the current economic situtation. How does the FHA "POLICE" check on our whereabouts and what we are and what we are not doing with our home? As I said, no longer feel happy nor secure in what should be a positive experience
We do not feel like it is our home anymore and live in worry in case we had to move due to the current economic situtation. How does the FHA "POLICE" check on our whereabouts and what we are and what we are not doing with our home? As I said, no longer feel happy nor secure in what should be a positive experience
>>We were told that we would be foreclosed upon if we moved
The person that told you that is incorrect ... unless you have an FHA-insured Reverse Mortgage. The home must be your primary residence with a Reverse Mortgage. With a traditional FHA-insured Forward Mortgage, you can move to another location and rent your home.
The person that told you that is incorrect ... unless you have an FHA-insured Reverse Mortgage. The home must be your primary residence with a Reverse Mortgage. With a traditional FHA-insured Forward Mortgage, you can move to another location and rent your home.
