Legalities Of Buying Second Home Under Owner Occupied Loan

[Cody Evans]

Hi BP,

Background info: I am living in my wife's house(her house and not mine legally). I don't have much capital for investments and people have recommended house hacking to me because of some apparent loan benefits (apparently lower down payments:Am I wrong?). I am wondering what are the legal definitions of "owner occupied." My idea is to purchase a home in my neighborhood for investment purposes using the owner occupied loan benefits and have a roommate rent out that house. I am willing to sleep there for the majority of my time if necessary but would like to know the bare minimum amount of time I must spend at that house. 

Thank you all