Getting a Primary Residence loan for Rental property

[Maddy Jane]

I plan to buy a rental property in a different state than where I currently live. This would be my first home and I don't own any homes and currently renting out the place I live in.

I am thinking of getting a Primary Residence loan instead of Investment loan due to the obvious low interest rates (2.65% vs 3.1%) but I am not sure of the implications and if it would be Ok to do so.

Would there be any tax related issues or insurance related issues if I take a Primary Residence loan for a place I would probably never live in?

[Bill B.]

You’d have to change the mailing adress to which eve prison they send you to. 

When you get a primary loan you sign a piece of paper saying you will be occupying the property within 30-60 days and living there for at least 1 year. 

At least the trial won’t take long with you working, voting, and paying taxes in another state it won’t take long to prove you didn’t live there. They won’t even have to look at the fact that you purchased a landlord policy instead of a homeowners policy or that you’re paying non-homestead property taxes since there is zero chance you will convince a state you’re living in their state but you aren’t paying state income tax.

This has to be one of the worst planned crimes of all time. I understand the criminals that at least live in the same state and want to scam the banks to save a few thousand in interest. I mean how better to defraud the company that trusted you?

SMH.