If I get an FHA loan and my dad as the Co-buyer. Will it work If I don't live there?
I am a college student and the house we are trying to buy if a little ways away from my school. I am planning to buy it with FHA with my dad as a co-buyer. Is it possible to still live in the town where my college is or do I have to be in the home myself? by kurtvanhouten3251 from Kanab, Utah. Mar 10th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
The rules of the loan state that you will owner occupy the house right away. It is acceptable for Dad to be a co-owner, but not actually occupy the home. I think you are OK in this situation, as what the rule is really trying to enforce is that this is your main home you live in, and not a rental property. If on the other hand, you plan to buy it, rent it, and live somewhere else, then you have problems. I lend for FHA loans in MN WI IA SD ND. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132
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