![]() Owner occupancy basically means that you or at least one of the signing borrowers on the mortgage are going to occupy the property full-time. Your primary home, however, you will likely fight to keep, no matter how tough things might get. You are more likely to let go of your investment property should your finances become restricted. ![]() There is something to be said about taking care of the home that you live in rather than the home that you lease out to others. ![]() Lenders are more likely to provide loans to borrowers that are looking for a primary residence. The restrictions on this clause have gotten even stricter in recent years after so many banks and investors got burned by the housing crisis, which means that lenders are following up on the rule and making sure that it is followed. For most loans, including those backed by Fannie Mae, Freddie Mac, theįHA and VA, you must occupy the property that your mortgage covers. But, if you read your documents carefully, you will realize that the opposite is true. After you sign on the dotted line, you might think that you are free to do whatever you wish with your new home.
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