owner occupied or non owner occupied

[Tom Server]

I'm purchasing a triplex which currently has tenants in all the units. I need to apply for a mortgage loan.  I plan on living in one of the units, but what happens if I cant evicted in time of the closing? Do I need to apply for a non own occupied loan instead?  Should I still apply for the loan and put the address of the unit I plan on living, even if it takes a few months?

[Patti Robertson]

No SEC 8 tenant ever will be able to move with 30 days notice.  60 days is even a stretch.  From the time they find a place they can get accepted for it is at least 30 days until the day they can sign their lease, assuming there are no inspection issues.  You also have to consider how long it will take them to save up for their deposit if they have limited income.  If you need a SEC 8 tenant to move quickly, the best strategy is to offer them cash for keys to move out quickly. Even this will require at least 45 days.