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2 Primary Residences?

My spouse and I live in small home in downtown Houston, but we would like to buy house outside of Houston, 52 miles away, that is bigger, quieter and has a nice yard.  My spouse will live in the downtown house during the week.  I will live in the new house except to come into town for baseball games, theater, etc.  My spouse will come out to the new house on the weekends.  There are no issues with credit or income.  My concern is the occupancy requirements for both houses.  Can one spouse satisfy the occupancy requirement for one house and the other spouse satisfy for the other?   Will we be able to get a mortgage on the new house and claim it as a primary residence, too?  We are not going to rent either.
  • May 15 2014 - Houston
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Answers (5)

For a complicated situation like this, you would need to speak with a lender directly so we can know more about your background. It can be difficult to have two primary residences since this will be your second home. Although, you do have a unique situation. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 15 2014
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Profile picture for USMortgageRanger
If you can manage the DTI requirements then the other home could be classified as a 2nd home or Primary residence depend on a few factors which i will go over with you when we speak. I can be reach via my picture profile for a FREE no obligation consultation.
  • May 15 2014
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2nd home......not primary.
Not every lender might agree with this or do this loan, but someone will.
 
  • May 15 2014
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That's a very good question. I recently ran into a similar situation with one of my clients. The distance between homes was drastically different though. It took some work and convincing, as well as a signed letter of explanation but it was something that was done.


This will be based on the underwriters descretion and what he/she feels is the most lawful and fair decision.

I personnally don't think you'll have many issues.

If you'd like to discuss further or have additional questions feel free to contact me via my profile.
  • May 15 2014
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Profile picture for nwhome.us
Talk to your lender and look on the IRS website for the definition of Primary.
  • May 15 2014
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