Investor Financing - how long can bank/credit union finance an investment property? & Owner Occupant requirement.

[Kirk R.]

Have a bit of screwy situation.

I bought my current house using a business loan through my credit union.

I live in the house as my primary residence. Credit union isn't the most excited about it being my primary residence and having a business loan.

5.5% is my interest over like 12 years. I went through Quicken Loans. They are offering me 4.0% using a VA loan with 90% refinance over 30 years or 3.75% over 15 years. $1800 in closing costs. I really only can qualify for a VA loan @ this point.

Renegotiated with credit union saying extend my period and lower my interest or I move the loan. Banker said they by law can only extend the period for so long since it's a business loan?? He is sposed to get back to me tomorrow morning.

How long can they extend it? Anyone know the law on this.

I have 3 renters in my current residence.

I want to buy another and get 3 more renters. I will make my next one my primary residence so I can use my VA loan. I will sleep @ probably both residence & change taxes and new stuff to the new place. What are requirements on VA loan to make sure I'm considered owner occupied???

If I live in it for 1 year could I then rent it out to a family and not sleep be there? I think this is the FHA rule maybe.

Appreciate any input.