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Answers (7)
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
they look at utility bills usually.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
2nd home
- Andrew Adams, "203K Specialist"
- Contributions:9349
2nd home....Might it need to be a second home to be considered a second home or is that what you call any property that's not a primary residence?
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Is this home your primary dwelling? If you try and pass it off as owner-occupied, and it's not.......this is called mortgage fraud.
If you truly live there and all documentation supports this, it will not be an issue. Why are you concerned?
- Evan LeFloch, "Evan LeFloch"
- Contributions:196
The address on your tax return unless you have a very good reason why it's not that address. But either way, you can get a HARP loan as a 2nd home with no rate adjustment. Investment property will have a 1.75 adjustment to points, but if you can show that you do not file any schedule E income for this property it should be considered either owner occupied or 2nd home.
- wetdawgs
- Contributions:26762
A primary residence is considered to be where you are registered to vote, pay utilities, W-2s, address for filing taxes etc. If you've rented the property to someone else, then it would not be considered owner occupied. If your spouse/partner is living there as you travel for work and you consider it your primary residence, you probably could argue that it is owner occupied.
That it is your only property isn't part of the consideration.
Please talk to your lender about what documentation is needed to confirm owner occupied. (If you've rented it out, it would be mortgage fraud to claim it as owner occupied and the consequences of fraud are not pretty).
That it is your only property isn't part of the consideration.
Please talk to your lender about what documentation is needed to confirm owner occupied. (If you've rented it out, it would be mortgage fraud to claim it as owner occupied and the consequences of fraud are not pretty).
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
If this is your home your driver license, pay stubs, W2's, mortgage statement, home owners insurance, etc. etc will all have your address on it.
If this stuff does not have your address, it's not your owner occupied residence.
If this stuff does not have your address, it's not your owner occupied residence.
For HARP, how do they determine what is "owner occupied?" Ie, what documentation?
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