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Updated 10 months ago on . Most recent reply
What does "occupy as your primary residence" mean?
Hello BP Community,
Recently, I've been getting mortgage quotes from different banks/lenders, and I've noticed a repeating question. They all ask me if I intend to use the property as a primary residence. Or in other words, if I intend to live in the property.
I plan to buy a multi-family property. Live in one unit and rent out the others. However, I only plan on staying in the property for one or two years before moving to a new home.
Do I have to live in the property for the entire loan term (i.e. 30 years), else have my loan revoked? How many years must I live in the property before I can buy and move into a new one?
Most Popular Reply
Quote from @Jonathan Feliciano:
Hello BP Community,
Recently, I've been getting mortgage quotes from different banks/lenders, and I've noticed a repeating question. They all ask me if I intend to use the property as a primary residence. Or in other words, if I intend to live in the property.
I plan to buy a multi-family property. Live in one unit and rent out the others. However, I only plan on staying in the property for one or two years before moving to a new home.
Do I have to live in the property for the entire loan term (i.e. 30 years), else have my loan revoked? How many years must I live in the property before I can buy and move into a new one?
Not an attorney - typically it is defined as moving into the property 60-90 days after closing and living there for a year.
- Chris Seveney
