Posted by Randy on August 22, 2003 at 09:44:46:
Yes the lenders really care? If you move to your new property as you describe most lenders will require a sales contract demonstrating you have sold your current residence, this is one of the oldest tricks in book ? you may be a newbe but lenders aren?t. Plus is may be considered fraud and both lenders can call the loans. Better find a source that is investor friendly and allows income properties at high LTV.
2 owner-occupied loans 6 months apart - Posted by Neilbeak
Posted by Neilbeak on August 21, 2003 at 20:59:43:
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 ?
Can I do this ?
Will my current mortgage holder care if I moved out of my owner-occupied home after 6 months?
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 ?
Do the lenders really care if you will really reside on the property ?
How can I get around this ?
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
Neil
Re: 2 owner-occupied loans 6 months apart - Posted by Rob Ricker
Posted by Rob Ricker on August 22, 2003 at 11:42:16:
Every lender is different, but most of the time you are only required to live in the residence for 1 or 2 years. After that, all you need to do is:
(1) Lease the original property
(preferably rent = 1.35 x your payment)
(2) Purchase your new owner occupied house
DO NOT CHANGE HOUSES EVERY 6 MONTHS !!!
Every 2 years is O.K.