Posted on: 16th Oct, 2012 02:44 am
Does a lender have grounds to consider an owner-occupied property as an investment property instead of a primary residence because I have rented out a portion of it in the past?
If your tax returns are showing you're living at the property it shouldn't be difficult claiming it as an owner occupied property. You are actually living there!!
Hi Andes,
Just because you rented the property in the past doesn't mean it will be considered as a non-owner occupied property always. If you're living in that property for quite sometime, it should be considered as your primary home.
Thanks
Just because you rented the property in the past doesn't mean it will be considered as a non-owner occupied property always. If you're living in that property for quite sometime, it should be considered as your primary home.
Thanks
Well in most of the cases some considerations have to be made for using owners property and in case of making money by allowing someone else to stay then is a part of owners share only.
Go to another lender fast while rates are so low.
Any one lender can pretty much do whatever they want based on data they see and what they want to derive from the data.
If you live in the property and it is your owner occupied primary home and it looks like you will be living there 12 months or longer, some Lender will work with you.
Any one lender can pretty much do whatever they want based on data they see and what they want to derive from the data.
If you live in the property and it is your owner occupied primary home and it looks like you will be living there 12 months or longer, some Lender will work with you.
