Buying a primary residence but not living in it

[Jeffrey Auckland]

There is probably a lot of gray area around this question but I am curious if I could purchase a single family or duplex as my primary residence and still live in my current property without the bank knowing? 

It probably depends on the bank but how do they regulate this? I am sure its just where you have your mail sent but there is probably more to this scenario that I am missing. The ultimate goal here would to be able to put 3.5-5% down rather than the 15-25% on an investment property and rehab the house without the hassle of moving, etc.  The only thing that I can think of that would be a problem would be reporting the income on my "primary property" as income, at that point things might get tricky since I technically should be living there...

Let me know your thoughts.

Thanks,

- Blake