​When applying for a mortgage, it’s important to note that the FHA will insure your home loan only if you plan on purchasing or refinancing a property that serves as your primary residence. In other words, an FHA mortgage product is available exclusively.

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April 21, 2018
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Owner Occupied

Related Terms: Owner Occupied Dwelling, Primary Residence
​When applying for a mortgage, it’s important to note that the FHA will insure your home loan only if you plan on purchasing or refinancing a property that serves as your primary residence. In other words, an FHA mortgage product is available exclusively for owner-occupied dwellings.
Owner Occupied
Setting lower down payment requirements and minimum credit scores appeals to many borrowers, but the FHA’s aim in doing so is to assist homebuyers in financing their own homes. In order to ensure that investors are not taking advantage of government-insured loans, the agency has even included guidelines for homeowner occupancy at the time of closing. The terms state that you, as a borrower must establish occupancy in the home within 2 months of signing the security instrument, with continued occupancy for at least one year.

Additionally, FHA rules also mandate that any person owning a home financed by a government-backed mortgage is not permitted to purchase a second primary residence. Borrowers who do not abide by the FHA’s owner occupancy rules are said to be acting in “bad faith.” This can have different consequences, including a mark against you on your credit report.  

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FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!