- No more than 15% of the property can be used in a trade or a business.
- HOC does not allow non-occupant cosigners on the mortgage.
- If the home is sold within nine years after purchase, the seller may be required to pay a Recapture Tax to the federal government.
- FHA loans may be assumable by another income eligible first-time home buyer.
- You can pay off the first mortgage at any time without a penalty.
- Does not control the sales price for a resale, unless an MPDU property.
- Does not control when the owner can sell.