Querstion about "Primary Residence" or "Owner Occupied"?

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Hello, 6 months ago I (VA) refinanced as “primary residence”. I recently found a great property closer to work and I’m in the process of purchasing this new property. The lender is giving me pushback because I need to be in the current property for 12 months after the refi. I have been taken back because they want me to get the loan as a “investment property” statue. I have been in my current house for more then 3 yrs and it’s a little disheartening. Is there any alternative options?


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If you are not charging rent to someone else to stay in that home, you should be able to list is as a vacation/second home.

Answered almost 2 years ago

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There are specific guidelines for vacation/second homes, and if both properties are near each other, simply having one closer to work would not qualify the other as a vacation or second home. I’m not quite clear if you’re using the same lender for the second transaction as the first, and if so they might have concerns over potential investor repercussions if you move out of the first home within a year, but given your length of residency at the first home, don’t see why you can’t purchase the new home as owner occupied PROVIDED you can show an underwriter you intend to occupy it. Usually a lease on the existing home (along with deposit check) is a plus. You likely will need to qualify with both payments, so bear that in mind as well.

Answered almost 2 years ago
Ted Rood
1267 6

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