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Updated almost 11 years ago on . Most recent reply
Possible 1st Investment property - PLEASE help!
Hello Fellow BP'ers,
I help an opportunity to buy a currently rented home for 30K. It rents for $750 a month, and is in good condition. The current lease is up in Oct 2014. I plan on moving in as my primary residence then ( I currently rent). When applying for a mortgage, is there anyway to get a primary residence/ owner occ rate instead of the investment property rate?
I do not want to commit mortgage fraud, and I do not want to kick the current tenant out until October. Since it will legally be my primary residence in Oct, I thought there might be something I haven't thought of. Any thoughts would be greatly appreciated. Thanks!
Rich
Most Popular Reply
Thanks for quick response Bill. I appreciate it!
Rich