Tag: occupancy requirements

Maximum Commuting Distance for an FHA Primary Residence and Borrower Job Location

Question: Does FHA have a maximum commuting distance between a borrower’s primary residence and job location? Answer: FHA has no set maximum number of miles regarding location of employment to their residence. That said, FHA does tend to use a “100 mile” rule when it comes to defining a move to be considered ‘out of […]

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Minimum Time Frame to Occupy a Fannie Mae Financed Property

Question: Do Conventional loans require an occupancy on property within 60 or 90 days? Answer: Typically, the borrower shall establish, occupy, and use the principal residence within 60 days after the execution of the security instrument. However, this can vary by states.  So, also refer to the applicable state security instrument form for requirements. Reference:Fannie Mae B2-1-01 […]

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