Conventional Loan/ Primary Residence- Owner Occupancy Requirements?

What are the guidelines for a conventional primary loan in terms of owner occupancy if I choose to get an FHA loan after occupying the conventional loan property for 6 months. My mother lives with me in my current home and pays me $700 a month out of the $1000 a month mortgage for rent. What is the norm for the... show more What are the guidelines for a conventional primary loan in terms of owner occupancy if I choose to get an FHA loan after occupying the conventional loan property for 6 months. My mother lives with me in my current home and pays me $700 a month out of the $1000 a month mortgage for rent. What is the norm for the requirements? Will I run into any resistance for doing this?

I keep getting mixed answers from loan officers locally and I want to know the truth. Some say I have to wait a year to purchase an FHA loan since its a conventional primary loan. Others say I can do it no problem after 4-6 months with no worries. Please advise and thanks for everything. I don't want to wait another year to purchase a home.
Update: I have a current FHA loan and had it for 1.5 years. My mother has lived with me the entire time and pays me $700 out of the $1000 mortgage. The home loan is $125K but will only appraise at 150K. I'm getting married and want to purchase a home for my new family and leave mom at the old house. One lender tells... show more I have a current FHA loan and had it for 1.5 years. My mother has lived with me the entire time and pays me $700 out of the $1000 mortgage. The home loan is $125K but will only appraise at 150K.

I'm getting married and want to purchase a home for my new family and leave mom at the old house. One lender tells me to refinance my current home into a conventional primary loan and wait 4-6 months then apply for an FHA loan for my new property. Im questioning his truthfulness of 4-6 month occupancy on the new conventional loan wondering if I will have a problem with the one year rule that is the norm for requirements.

The second lender told me to keep my current FHA loan, wait until summer of 2012 and then apply for a conventional primary loan to purchase my second home. He said to report rental income from my mother on my 2011 taxes and there shouldn't be a problem. Is this true?

Which is the safest and most ethical way to go. I am not trying to cheat the system. I just want a ho
Update 2: Thank you. I'm getting conflicting information from different loan officers in regards to what I can and can't do. Thanks again for you help.
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