All Forum Posts by: Sunny Er

Hi,

Refi for my current owner occupied primary home is going to close 9/5. Can I get into contract to buy a new primary owner occupied house on 9/2, expected to close on 10/2? Different lenders. How will the new lender find out about the old refi? Can I say that I was just shopping for rates if new lender ask about the credit hit for the older refi?

What can go wrong?

Thanks!

Hi,

If I buy a home with a secondary/Vacation home mortgage how much time do I have to live in it before I can rent it out? Also:

1) What does it mean to live in a house: having utilities in my name? Not claiming any rental income or depreciation on the tax returns?.. or something else?

2) Can I move in and rent out a room immediately just to have company, and also show that on my tax returns? I am single. Will I be adhering to the second/vacation home mortgage requirements?

3) What bad things can happen if I turn it into a rental "too soon" and what is the probability of those "bad things" happening?

Why: I can WFH for at least 6 months, so thinking to move from the bay area, CA to live close to the mountains for some time.

Thanks!