Financial Information
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#3 written by r_moreland13 9 months ago
You are going to have to move in to the place to get 100% financing. Typical occupancy checks are within the first year and YES THEY WILL check to see if you are living there. They used to not do this as much but with all the fraud and foreclosures they are checking more. If you purchase another home 6 months later and move into there is nothing they can do about it. However, if you move into an apartment and out of those units then there is going to be issues. Move in, get it rent ready, and then make a decision. Try to stay a year though so no issues come up.
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#4 written by Jenster*is*flipping*you*off 9 months ago
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#5 written by Bottom Line Results 9 months ago
Find out how long the lender will require you to live in the apt.
It may not be as long as you might think.
When i was buying a bunch of HUD homes the regional supervisor came to our town to give a little presention on buying Hud homes. Well he was talking about how HUD was more apt to sell a home to an Owner Occupant than an investor.
The question was asked:how long did you have to live in the home to be and owner occupant? His answer: 1 day!
Most of us at the meeting broke out lauging, until we looked back up at the speaker and saw that he had not cracked a smile.
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#6 written by mazziatplay 9 months ago
No one finances 100% non-owner. The perception of risk is way too high.
You will signing a document at closing specifying that this will be your primary residence and the terms of your loan will be predicated on that fact. Investors know that people move from time to time but you shold plan on occupying the subject property for a minimum of 6 months to avoid the perception of loan fraud.
Update: Hey Classy, in case you haven’t heard the Justice Department is looking for people JUST LIKE YOU! Personally, I hope they find you!
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#7 written by financing_loans 9 months ago
Sounds like they are doing an FHA. You can buy a multi-family property as long as you intend to live in one of the units.
If you told your intention to the loan officer was to move in just to get the loan, but you really didnt intend to be in the property, I cant believe he would do it.
Some will but its illegal. Sure you can say anything you want, but it sounds like what the loan officer is asking you to do would be loan fraud.
Find a new loan officer if this loan officer suggested it to you. My opinion.
*update* Holy crap, I cant believe somebody with the name of classy (which he odviously isnt) suggested you commit loan fraud in a public forum.
Mazz what can you do??? This is just hilarious…. In a very disturbing way.
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