Profile picture for user129668

Type of mortgage for owner occupancy at later date?

I'm stationed in Hawaii and want to purchase a home in Las Vegas, where I intend to live after I retire in a couple years. Given that we wouldn't be able to occupy the house for a couple years, but that it would be the only home that we own. Is it possible to get an owner-occupied loan? Or would we have to get a vacation home or investment home loan? Ideally, we would rent the property out during the first couple years, but given the low cost of the homes we're looking at, we wouldn't need to rent it out.
  • May 26 2012 - US
  • 0Yes

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Answers (2)

Profile picture for daveskow
it would need to  be  a rental home  purchase

20% down needed ...rates and fees  slightly higher than owner  occupied  financing
  • May 26 2012
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Profile picture for wetdawgs
Owner occupied loans usually require the owner to move in within a specified time frame (e.g. 30 to 60 days).

It is really hard to get insurance for an empty residence,  therefore,   if I would get some good assessment of this situation before making the decision about leaving it vacant for two years vs renting.

  • May 26 2012
  • 0Yes

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