A “Non-Owner Occupancy Rider” is required in connection with a FHA security instrument in the rare circumstance when owner occupancy is not required by the FHA, due to a “hardship,” such as a seasonal employee being unable to find affordable housing near his temporary worksite (see FHA Single Family 4155.2 ch. 6.B.4 for the rider requirement; see FHA Single Family 4155.1 ch. 4.B.3 for details into the “hardship exemption”). A model version of such rider is provided by the FHA in FHA Single Family 4155.2, ch. 12.A.14, Exhibit 13.
We provide a substantial duplicate of this model rider as Cx4528. We will be updating Cx4528 to more closely match the model form. Most of the updates are cosmetic in nature, save for the addition of the following clause at the end of Section B of the “Additional Covenants”:
“. . . to a purchaser or grantee who does not occupy the Property as his or her principal residence.”
In addition, items 1, 2, 4, and 6 will now check when appropriate.
These changes will take effect on December 22, 2012. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
12/17/2012
DR 130449