Buying a 3rd rental property FHA question

TLDR; Does the FHA guideline count your own house as one of the 3 for the single family home exemption if you just use as a primary residence not rental?

Longer version with some context I found....

Commonly when you google it or read summary articles it states it in the follow way as two exemptions worth mentioning...

"Owner-occupied buildings The FHA doesn't apply to buildings with four or fewer units if the owner lives in one of them. "

"Single-family homes The FHA doesn't apply to single-family homes sold or rented without a broker if the owner doesn't own more than three houses."

It seems to call out "three such single-family homes at any one time" when you look at the actual laws. And talks about how the private individual owner is not residing at the home?

((1)any single-family house sold or rented by an owner: Provided, That such private individual owner does not own more than three such single-family houses at any one time: Provided further, That in the case of the sale of any such single-family house by a private individual owner not residing in such house at the time of such sale or who was not the most recent resident of such house prior to such sale, the exemption granted by this subsection shall apply only with respect to one such sale within any twenty-four month period: Provided further, That such bona fide private individual owner does not own any interest in, nor is there owned or reserved on his behalf, under any express or voluntary agreement, title to or any right to all or a portion of the proceeds from the sale or rental of, more than three such single-family houses at any one time: Provided further, That after December 31, 1969, the sale or rental of any such single-family house shall be excepted from the application of this subchapter only if such house is sold or rented) ( Source https://www.law.cornell.edu/uscode/text/42/3603 )

Posted Nov 7, 2024, 12:55 PM UTC

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