2 owner-occupied loans, 6 months apart ? - Posted by Neilbeak

Posted by Bruce M on August 22, 2003 at 14:54:19:

It can be done.

They may care, you should read your note to see what it says about occupancy. Most say that the borrower intends to occupy for 12 months.

If the underwriter is good you will probably be asked about moving so soon after previous purchase so be prepared for this. You will need to be able to convince them that you are really going to move in to the new home. A good loan officer would ask you up front for a letter explaining why you are buying a new property so soon after previous purchase. Is the new one in a different \ better location, has your job changed & now you need to be in a different location closer to work? Is the new home bigger, etc.

There are 95% investor loans.

Yes lenders really care about this & don’t like to be defrauded.

2 owner-occupied loans, 6 months apart ? - Posted by Neilbeak

Posted by Neilbeak on August 21, 2003 at 21:04:46:

Hi Investors,

As you know owner-occupied mortgages are easier to obtain than non-owner occupied mortgages. So I bought a two family property (as an owner occupied property) about 4 months ago. I currently live in one of the units. Now I want to purchase another 2 family property. But I want to purchase this next 2 family (as another owner-occupied property). Can I do this ?
I am willing to move from where I am now to the next 2 family that I purchase ?

  1. Can I do this ?

  2. Will my current mortgage holder care if I moved out of my owner-occupied home after 6 months?

  3. Will the next lender that I try to obtain a mortgage from, care that I purchased a property 6 months ago as an owner-occupied, and now trying to purchase another as an owner occupied ?

  4. Do the lenders really care if you will really reside on the property ?

  5. How can I get around this ?

  6. How can I purchase the next property as an owner-occupied property, when I am only six months old in my current ?owner-occupied property?. ?

Any guidance will be appreciated


Re: 2 owner-occupied loans, 6 months apart ? - Posted by Sharon

Posted by Sharon on September 03, 2003 at 11:48:01:

Let me offer a completely different financing idea that might help you obtain your second investment.

I’m a Certified Cash Flow Consultant (I am not a Realtor or Lender) and represent private and institutional investors nationwide with unlimited funds who aggressively purchase seller-financed mortgage and business notes - right after they are created at closing!

Perhaps the seller would be willing to do owner-financing if they knew they could sell the note and recoup their cash at closing. This is called “Temporary Seller Financing” and is a win-win strategy for all.

The seller gets his cash at closing and you don’t have to obtain an owner-occupied or non owner-occupied mortgage. The private investors are much more lenient regarding credit issues than traditional sources.

Please contact me at 1-866-875-3096 or write me at smsall@aol.com to obtain a complete brochure on the process. I’ll be happy to help the seller and you through the entire process.

Sharon Sall
Excel Business Funding