Profile picture for ikauni

Does conducting daily business in a 2-unit count as owner-occupied?

For mortgage purposes, what does "owner-occupied" mean?  We have a 2-unit building.  One unit is rented to a non-owner family.  The other unit is used by us, the owners, for administration and other business purposes.  Even though we do not "live" in the unit, is it considered owner-occupied because we use it for daily business purposes?  In other words, if we refinance, can we apply for an "owner-occupied" mortgage?

Thanks!!!
  • November 01 2009 - Providence
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Answers (2)

It would be owner occupied however it would be considered comercial and not residential use.  A different can of worms but a can of worms.
  • November 01 2009
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Profile picture for wetdawgs
Owner occupied means you live there (i.e. sleep, eat, etc) and it is where your voting registration address, personal tax address, driver's license address etc.  It sounds like you have a business office in the 2 unit building, and would not be qualified for "owner occupied" financing.

Do you own another home that you have financed as "owner occupied"?  If that is the case, you can't have two.



  • November 01 2009
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