My job is in California, but I want to buy a home in Colorado, move my family there who I financially support, as the homes in the specific town I'm interested in, are more affordable. I would live with my brother's family while I'm working, so I wouldn't have another residence. I could commute during holidays, days off, etc. I'm close to retirement and I'd really love to retire to CO. Are there any exceptions to the rule?
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Best Expert Answer
The answer is NO if you want to purchase the house with 3.5% down. FHA loan rules state the borrower applying for a new purchase single family residence must use that residence as their primary occupancy. If you want to purchase the house with a 25% down payment, that could happen for a non owner occupant.
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