I Just Bought a Home With FHA Financing. Can I Have Renters in the House? – Trixey

“Dear Steve,

I just bought a home with a fha loan. the previous owner had renters in the home per our contract they had 60 days to vacate the home. I just found out I will be losing hours from work but will not be laid off, can i keep the renters in the house so i do not default on my loan after the renters move out?

Trixey”

Dear Trixey,

This is a very easy issue to resolve, ask your lender.

But it is my understanding that FHA loans must be owner occupied. “Our security instruments require a borrower to establish bona fide occupancy in the home as the borrower’s principal residence within 60 days after signing the security instrument with continued occupancy for at least one year.” – Source

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Damon Day - Pro Debt Coach

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