Get Hafa Owner Occupancy Certification Form

Owner Occupant buyers must occupy the HUD home as their permanent residence within 30 days after closing. The clock on the 12-month minimum period Owner Occupant buyers must occupy the HUD home as their permanent residence begins when they move in, not when they close on the HUD home.

How does HUD define owner-occupied? The only way a buyer can be considered an owner-occupant is if the person living in the home will be on the deed when HUD sells the home. That occupant has to live in the home for at least a year and cannot buy any more HUD homes as an owner occupant in that first year.

The Allocated Occupancy Ratio is a measure of the size of room requested by Departments compared to the size of room allocated. A figure of 1 would indicate that allocated rooms match exactly the sizes requested.

Owner-occupant buyers must sign an affidavit that certifies they will occupy the home as their principal residence within 60 days of closing and for a minimum one year after purchase. Their owner occupant certification is added to the real estate purchase addendum and becomes part of the sales contract.

Verification. Lenders usually stipulate that homeowners have 30 days after closing to occupy a primary residence. To verify the person moving in is actually the owner, the lender may call the house and ask to speak to the homeowner.

Owner occupancy refers to the percentage of units that are currently occupied by owners. Lenders consider this occupancy rate before approving a loan to finance a condo unit. The higher the rate, the better the chances of the borrower getting a loan. Generally, a 60% occupancy rate is said to be good for financing.

An owner-occupant is a resident of a property who holds the title to that property. ... An owner-occupant owns a property and resides at the same property, while an absentee owner does not live at the owned-property.