Compliance – Second Home vs. Investment Property: Is a borrower an owner-occupant if they do not presently own a home, but want to buy a home in another state for retirement purposes next year?

Answer: If your borrower cannot occupy at time of closing, a lender will typically not allow it to be purchased as owner occupied. Your borrower could buy it as a second home as there are typically no pricing hits for a second-home purchase. There is no ‘rule’ that says you have to own a primary […]

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Compliance – Second Home vs. Investment Property: Is a borrower an owner-occupant if they do not presently own a home, but want to buy a home in another state for retirement purposes next year?

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