owner occupied
I was curious, i hear how rates are always lower if it's owner occupied. My question is how long must the owner live the in the investment property if you do claim that it's owner occupied?
I was curious, i hear how rates are always lower if it's owner occupied. My question is how long must the owner live the in the investment property if you do claim that it's owner occupied?
Once you own the property, if things would change and you had to move, and you decided to rent the property out, the bank is not going to make you re sign at a higher rate. However it's not nice to purposely mislead your lender.
Good Luck,
Shawn(OH)
There are less risks for lenders when the property is owner occupied, thus the lower rates.
Owner-occupied status is not based on how long the owner lives there, but on whether the person who lives in the house is the same as the person who's name is on the deed.