Moving in with family to save money for home purchase

[Administrator]

I have a hypothetical question:I have the option of moving in with a relative for the next 6 months to save a large chunk of the $1500 per month that I pay in rent every month to put towards debt reduction and additional down payment savings.Other than the obvious reasons I might not want to do this, how would this look to a lender when I go to apply for a loan? I am specifically looking to qualify for an FHA 203K Loan, and I've been told they require 12 months of on time rental payments to qualify. Would this be waived if I haven't had to pay rent for the last 12 months?


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(Source: mortgagefit.com)