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Updated almost 10 years ago on . Most recent reply

Rudolfo Fossa's profile image
Rudolfo Fossa's profile image
Rudolfo Fossa
  • Rental Property Investor
  • from Chicopee, MA
  • Member since Mar 19, 2015
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Rudolfo Fossa's profile image
Rudolfo Fossa's profile image
Rudolfo Fossa
  • Rental Property Investor
  • from Chicopee, MA
  • Member since Mar 19, 2015
Connect
Rudolfo Fossa
  • Rental Property Investor
  • Chicopee, MA
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Creative Real Estate Financing

"Owner occupied" loan- Do I really need to live there? In MA?

Rudolfo Fossa
  • Rental Property Investor
  • Chicopee, MA
Posted

I want to get a 5% down multi family, owner occupied loan.  Apparently I only need to live there for 1 year.  However, a mortgage broker told me that they would give me a loan if one of the units was not occupied at the time of purchase, or I could serve the tenant with a notice to vacate.  If I then decided not to live there and rent out the unit, would that be fraud?  Or if the tenant "refused" to vacate?  Could I get in trouble for that?

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