Profile picture for Idenatc

What do I need to show that an investment property is a primary residence for refinance?

  • January 08 2009 - Medford
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Answers (10)

Profile picture for user19750320
All of your owned properties will show in database searches. It will also be identified through various third party items. What you're looking to do is called mortgage fraud. If your loan closes you will face criminal and punitive recourse.  
  • August 27
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You have to live in the property and show that your license has that address, homeowners insurance and such.
  • January 09 2009
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Just the way the question is worded - states this property is being used as investment property. If not, why ask? As several on the thread have pointed out, this is considered mortgage fraud.
Mis-rep of occupancy is a repurchase event by both Fannie and Freddie. Once the lender is ask to repurchase the loan due to mis-rep, they will pusue you for corrective action, as in a refinance into the correct mortgage product- at a minimum. No matter what the rates or cost are at the time. I do not know any lender who wants an unsalable loan on their books.
  • January 09 2009
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Profile picture for natewolf
You have answered your own question:

Show that it is your primary residence.


If it is not your primary residence, then you cannot show it as such. If it is an investment property, then you need to move into the property and make it your primary residence. You need to live in the property. The length of time is not the issue, the fact that you live there as your primary residence is the issue.

  • January 09 2009
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Anyone claiming that investment property is a primary residence for the purpose of achieving a lower interest rate for refinancing is flirting with loan fraud.
  • January 09 2009
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If you "Show that an investment property is a Primary Residence for refinance" you are committing bank fraud!

  • January 08 2009
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Is it just me or is the entire wording of this question proof enough that this is clearly NOT a primary residence?
  • January 08 2009
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Depends on the lender...usually utility bills. I have most of my bills sent to a PO box (we had issues with neighbors repeatedly getting the mail), so I have never had pay stubs questioned.
  • January 08 2009
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Hopefully you're not "moving" into a condo rental from your owner-occupied McMansion and claiming the bigger house is now a rental property. Lenders have seen more tricks than you can imagine. If it's an investment property, don't lie about it. You are stating (and signing) on the loan the application that you intend to occupy as a primary home, and if a post-closing audit shows you're not living there, the lender might call the loan for being obtained under fraudulant terms. 
  • January 08 2009
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You have to prove you live there. How? utility bills all in your name and mailed to you at that address, homeowner's insurance bill/dec page, pay stubs showing that address as your home address, tax filings, driver's license, love letters, etc. Anything amiss - it's a rental property.
  • January 08 2009
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