Posted on: 07th May, 2009 01:31 pm
Specifically, does it mean primary residence or does a second home qualify as owner occupied if it is not rented for others to use.
You are correct, it means that the owners are living in it.
A housing unit is owner-occupied if the owner or co-owner lives in the unit.
Either you or someone else who is on the loan needs to be living there.
Either you or someone else who is on the loan needs to be living there.