Consumption and Real Estate
Can I apply a owner occupy home loan?
Question : Can I apply a owner occupy home loan?
I am thinking of buying a condo and I am planning to live in there in a year or two. At the meantime, I would like to rent it out for a year or two (before I move in to the place). Can I apply for a Owner Occupied 30 yr Mortgage?
If not, how long do I have to live there before I can rent it out legally?
home owner loans
Best answer:
Answer by Andrew
With an O/O mortgage, you have to live there immediately, and for a period of 2 years.
You can not get a owner-occupied loan since you will sign papers promising that you will live there. At the bottom of that paper is IT IS A CRIME TO LIE TO A FEDERALLY INSURED LENDER..