I own a owner occupied duplex in Illinois and need to fix it up.
I owe nothing on it but it needs major work. I'm looking at a FHA 203k rehab loan. my question is... I know this is an owner occupied loan only but I eventually want to move out and keep it or move out and sell it, is there a set amount of years I have to stay here or do I have to stay here for the life of the loan? by fly_on_482_277 from Moline, Illinois. Oct 17th 2012
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions
1 year occupancy required. Check with your lender to see what repairs are allowed/not allowed on the 203K program.
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
I am an Illinois lender. I would be pleased to answer any questions regarding length of ownership on FHA loans. b.lanis@comcast.net
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
Length of occupancy required is 1 year.
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
HOW much fix up is there? please visit my website at www.yourloanpartnerforlife.com you might have to copy paste in your browser it depends on your server.. linda I USE private money for rehabs.
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