We recently tried purchasing a home using a VA loan (that didn't work because the house needed more work than the seller was willing to pay for), we were able to satisfy the occupancy requirement because of this clause in the VA underwriters handbook.
“Chapter 3, section 5, letter c
Occupancy by the spouse may also satisfy the requirement if the veteran
cannot personally occupy the dwelling within a reasonable time due to distant
employment other than military service. In these specific cases, consult your
Regional Loan Center (RLC) to determine if this type of occupancy meets
VA requirements.â€
Is there any way to apply that same situation to a FHA 203k loan, since the VA is willing to do it.
My spouse has an excellent paying job, and is going to stay at our current location (7 hour drive), and I am to move to the new area and start a new job and attend school. From what I understand, I can not be on the loan because of poor credit (lost a business).
Added (1). Well, my spouse works 14 days out of a month (law enforcement), so that should satisfy the "majority" of the year aspect then.
Interesting, thank you for the answers so far.
Read more: Can a spouse satisfy occupancy requirements for 203k Loan?
