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Deed of Trust in California - Occupancy stipulation, can I sell and buy a new primary residence?

I've lived in my home 7 years, refinanced with close date of 4/30/12.  I am now looking into buying a new primary residence and selling my current home.  Does the Deed of Trust (state is CA), Occupancy clause affect my ability to purchase a new home and sell my current?  Or is this intended for rental/investment property only?

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July 25 2012 - Staten Island
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Your deed of trust you signed at closing typically has a clause that states you intend to occupy the property for min 12 months. Some lenders will require a reasonable explanation of why you are moving after only a few months. It would be a prudent  to get pre approved by a lenders Underwriter (not just automated u/w) prior to going forward. 
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July 28 2012
The Deed of Trust would not prevent you from selling your home.  If you intend on closing on the purchase of a new home, prior to completing the sale of your current home, be prepared to qualify for the new loan by also carrying the mortgage payment on your current home.  It will be added to your debt-to-income ratio, unless and until it is sold.

You can qualify to purchase and sell simultaneously.  A reputable mortgage lender can discuss this further with you at the time that you pre-qualify for the new purchase mortgage.
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July 28 2012
 
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