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To refinance as residential property, when does the 14 days of residency start?

Is it when you submit the application and lock in the rate? Or does it not start until you actually close on the refinance? I am getting worried that I will have to move before my refinance closes, and that it would complicate the process if it closed when I have already begun looking for a renter.
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August 12 2010 - Mililani
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Answers (4)

If your intent was to move back into your condo within the time the lender required but for some reason your move was a little delayed then I do not think you really have anything to worry about. The key is what is your intent? The reason the lender is requiring you to move back in within a certain number of days is simply because they want to insure you are not going to use the condo as a rental property. If renting the condo is not your intent then I do not think you have anything to worry about. By the way, that would normally be 14 days after closing. All the best.

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August 12 2010
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To further clarify, the lender asked in the application packet something like 'will you live in [the property in question] for at least 14 days over the next year' to which I answered yes, thinking that it would close prior to me moving. Now, things are taking longer than I expected on the lender's side of things, and I am getting closer to when I have to move.

Some more information that might help clarify some things is that I am in the military, and the condo that is in question is my primary residence, and has been for the last three years. I intend to return to this condo if I get stationed here again, or when I leave the military. 

I hope this helps!

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August 12 2010
Not understanding your 14 day residential problem. Best thing to do is ask your Loan Officer. Depending on the investor - lender they put your loan with will determine how long you need to occupy your home after the loan closes in order to get owner occupied rates. Tawnylynn is correct about fraud.. you cannot get an OwnerOccupied rate and loan if you have full intentions of renting your property. If you move out and rent or lease it before the loan closes/records that would be fraud.  Be careful and make sure you fully understand the terms and conditions of your new loan.
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August 12 2010

I am not sure what you are asking. Both an owner occupied home and a rental home require residential loans. Only the rental/investment property will have a slightly higher interest rate and/or fees. You cannot refinance your primary residence as owner occupied with the intent of leasing it after the loan closes. This would be considered fraud. Otherwise, if you are moving into the home you are refinancing and it will take you more than 14 days to actually move in then I think your lender will understand. Hopefully, this answers your question.

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August 12 2010
 
Related Questions
To refinance as residential property, when does the 14 days of residency start?
Profile picture for Tawny Lynn
Latest answer by Tawny Lynn
August 12 2010 | 4 answers
  • Asked by blakewallick
  • In Refinance
  • August 12 2010
Mortgage Rates
 
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