How long before you can get a new primary residence mortgage?

[Ralph Ellenberg]

Hi everyone

my wife and I are under contract with a builder where we live in S.C. that should be finished in about 3 to 4 months. It looks like she maybe getting a great job offer in Colorado not long after we close. How long would we have to stay in the new build in S.C. before we could rent it and buy a new primary in Colorado if she gets the job offer? Thanks

[Bill B.]

When you sign your loan paperwork you’re going to “swear” you intend to live there for a year. If you know before signing that paperwork you are taking a new job and leaving the area and you never intend to live there for a year that seems like pretty obvious mortgage fraud. 

You’re not going to want to “discover a new job opportunity” after signing if your employer has no reason to break the law covering your fraud by saying they didn’t offer you the job before you signed.