Sentences with phrase «owner occupant requirement»
Do you have any advice or direction in your books or ebooks which would answer this question: What can he do to be able to sell the HUD home prior to the 12 - month owner occupant requirement of HUD?
http://articles.chicagotribune.com/ Not exact matches
The down payment requirement for an owner - occupant is approximately 3.5 % of the acquisition and repair costs of the property.
The down payment requirement for an owner - occupant (or a nonprofit organization or government agency) is approximately 3.5 % of the acquisition and repair costs of the property.
Borrowers must be owner occupants of 1 - to - 4 unit buildings, and renovation must meet HUD eligibility requirements.
Any person who is able to meet the cash investment, credit requirements, and mortgage payment is eligible to apply however the program is limited to owner occupants.
A non-profit agency, before it can be approved as an eligible mortgagor and obtain the same mortgage amount as available to owner - occupants on Section 203 (k) mortgages, must demonstrate its experience as a housing provider to HUD and meet all other requirements described in HUD Handbook.
EARNEST MONEY REQUIREMENTS: The earnest money deposit for owner occupant and investor contracts is $ 500 when the purchase price is $ 50,000 and under, and $ 1,000 when the purchase is $ 50,001 and over.
I believe that the NACA loan is only for owner - occupants and that's a permanent requirement — if you move out you have to pay off the loan.
Owner occupant homes have still other requirements to the sale.
I'm not an expert on the intricacies of FNMA's definition of «owner occupant,» but I would guess that the requirements are no different than claiming residency in other circumstances (taxes, voting, etc).
Purchasing a home as an owner occupant, fulfilling the residency requirements (normally 1 - 2 years depending on the loan) then moving out to a new house that you will owner occupy is perfectly legal.
So, I wouldn't suggest trying to «get around» these requirements if you decide to buy as an owner occupant.