Can I have two primary homes in the same city for 5% owner occupied lending

[Mark Kille]

I am stronging considering buying a tri-plex in the same city I live with my wife and kids.  For this purchase, I would love to use the new 5% down on lending if the 2-4 multi-family unit is "owner occupied."  My preliminary research indicates that this might be possible (without committing fraud!) if I apply for the lending on my own.  Specifically, that husband and wife could each own their separate primary residence.  Is this too risky?  I might actually live in one unit in the tri-plex.  Or, my oldest daughter might live there too.   

[Matthew Kwan]

The simple answer is yes if you were using conventional, it gets complicated if you were to use FHA on your 2nd primary. You can buy another primary once you vacate your current primary and converting into a rental property. However, you would have to make sure that you have been living on your current primary house for at least a year before acquiring your next primary purchase.

@Albert Bui@Carlos Valencia