Re: owner occupied vs rental property - Posted by wes
Posted by wes on January 13, 2004 at 12:28:42:
As Ed said, 6 months to a year would be good and there is no problem with using this property as a stepping stone(it makes it easier if your next house is more expensive than the last). Lenders can see the progression of moving up to a more expensive home. I have had them balk at moving down in value. Not decline loan just hassle you with more documentation and explanation.
Due to amount of loan fraud going on, more and more lenders are stating they will check-out O/O status after closing (usually in first 90 days). Main way is by checking name utilities are in.
My Bank of America rep. says they have no magic number of months you must live there but again as Ed said, 6 months would be the mininum I would plan.