Conventional Loan/ Primary Residence- Owner Occupancy Requirements?
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.
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