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

Posted by Clint Wooley on August 21, 2003 at 22:08:36:

Hi Neil,
As a lender, I hope I can make you feel more comfortable with what you are doing. A lender is not going to look at this as closely as you might think. First of all, 99% of lenders are mostly concerned with being able to sell the loan in the secondary market. If it makes sense that you might want to move from one multi-family property you already own to another you wish to purchase, then they are going to be pretty content with it. (Perhaps the property you are purchasing is nicer, or in a more convenient neighborhood) As long as you are playing by the rules, they are going to be fine with it. They will make you sign a document stating you are going to occupy the property as a primary residence, though, and send your mail there too!

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

Posted by Neilbeak on August 21, 2003 at 21:02:58:

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 Mike (NY)

Posted by Mike (NY) on August 22, 2003 at 14:45:30:


What you need to do is show why you are moving to the new location. Is the location much nicer? closer to your job? much larger? more property? etc…

If you do not have a good reason, there is a chance underwriting will kill the deal. Feel free to contact me with any questions.

Best wishes,

Michael Pine
email: Michael_Pine@Yahoo.com
AIM: Mortgagebroker71