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Are multi family 1-4 rider meant for single family, owner occupied home under Harp 2 rules

Closed Jul 28, 2013 on a house I am rehab'ing.  The house used to be a rental (empty since May) and wil/isl be my primary home within two weeks.  The loan company now wants me to sign a rider for multi family 1-4.  My single family home is not a rental, it is my primary home and I have no intention of renting it out.  Called my  loan officer---he said he had never heard of that being a requirement.   Anyone know if this rider applies to a single family home loan and can they force me to sign it? This rider is taking ownership of everything in the house and expressly states my washer, dryer.
  • August 25 2013 - Melbourne
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Answers (1)

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So, I will answer my own question.  Seems the lender is selling my mortgage and the new "owner" wants the multi family 1-4 rider.  The home had been a rental and wants assurance that if it becomes one again it will be covered as an investment property.  Also, had already had a harp2 refi on my old primary less than one yr ago, and this refi can't be owner occupied.
  • August 31 2013
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