Zillow Advice: Approval Process - Can you buy more than 1 primary residence property within a year? http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ Zillow Advice | Zillow Real Estate Are you selling your current ... http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ Are you selling your current home?&nbsp; I ask because you may run into an issue if you try to rent out your current residence.&nbsp; If there is a make sense scenario perhaps your current bank will allow you to rent out your current home if that is what you are looking for.&nbsp; As for the new home purchase.&nbsp; If it really is going to be your primary residence and it makes sense it seems possible.&nbsp; Feel free to contact me via my profile if you would like to discuss this.&nbsp; Mon, 18 Nov 2013 18:27:00 GMT http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ 2013-11-18T18:27:00Z One thing that hasn't been ... http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ One thing that hasn't been mentioned is that you would have to "income qualify" to pay the payment on all of your "primary residences". The number of people who could qualify to own multiple residences is a fraction of the populace. Then, you add that Lenders, and the GSE's, did care about occupancy guidelines, and your thesis begins to disintegrate. <br/><br/>The GSE's can't, and don't purport to want to, stop people from moving from one home to another. If you wanted to move three times in a year, you should be able to, but you can only have one primary residence at a time. You can own multiple homes. You can own three, or maybe, five or seven, "second homes" (a misnomer used by the GSE's that may make for a more interesting paper) as long as you have enough income to make all the payments. But only one of these homes is your primary residence. If you own multiple homes, that aren't rented out, the distinction probably comes down to which home you list as your address on your tax returns.<br/><br/>The GSE's have fluctuated over the last decade as to how many homes you can have financed, and then qualify to finance another one, under the intention of the loan being sold to the GSE's. The number was as high as twenty, was changed to ten, debated changing back to twenty, then, eventually, reduced to four, I think, when all the doodoo got all in the fan. You could write a paper on all the gyrations, political and economic, surrounding these debates and decisions. Anyway...hope you make an A. Please take it easy on the Mortgage Brokers.<br/><br/>The bottom line is that the GSE's have three occupancy types. Owner Occupied. Second Home. Non Owner Occupied. They are all and all have been abused. Non Owner Occupied being the least likely to be abused. Wed, 06 Nov 2013 22:03:00 GMT http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ 2013-11-06T22:03:00Z Usually most loans have a ... http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ Usually most loans have a requirement of a minimum of 1 year occupancy in the house before you go out and buy another place to live in. Also, don't take these requirements lightly because they can have very serious consequences. As long as you follow the occupancy requirements of the loan, then you can possibly buy another place if the requirements are satisfied.&nbsp;If you want more information it would be helpful for you to speak with a lender directly. There are lenders like myself that would be glad to speak with you to help you get the loan or information that you need.&nbsp;Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!<br/><br/>Good Luck! Wed, 06 Nov 2013 20:52:00 GMT http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ 2013-11-06T20:52:00Z @Norm is very much correct. ... http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ @Norm is very much correct. &nbsp;At no time has Fannie, Freddie and/or Ginnie Mae (govie loans) ever had a "do not care" attitude or guideline for owner occupied loan. &nbsp;As a matter of fact, occupancy fraud is still one of the highest concerns in all mortgage lending. &nbsp;At the time of signing, you will sign an occupancy certification and are subject to substantial penalties and legal proceedings if there is deception in that process.<br/><br/>One "gray" area that can catch many consumers is in the refinancing of their existent residence as primary occupied with the full knowledge that they intend to move in the coming months. &nbsp;A lender will know, per credit and title, that the existing home was refinanced as a primary occupied property. &nbsp;In turn, the lender will in all likelihood require one of two things: &nbsp;1). &nbsp;Buy the new property as an investment property and/or 2). &nbsp;refinance the current residence...again...to investment status.<br/><br/>Of course, there are some exceptions to this guidance. &nbsp;For example, relocation for job (not quitting your job and moving, however) and/or military orders to a new location. &nbsp;Death/medical might also warrant a lender to allow a new owner occupied loan.<br/><br/>In all cases, consult with a mortgage professional first. &nbsp;Explain your current situation, your short term and long term goals. &nbsp;Often times, there are ways to accomplish your goals...within the confines of all rules and regulations...without running into issues in the future.<br/><br/>All my best,<br/><br/>Deborah<br/>NMLS #279125<br/>WJ Bradley<br/><br/>"We Listen. &nbsp;We Care. &nbsp;We Deliver." Wed, 06 Nov 2013 14:43:00 GMT http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ 2013-11-06T14:43:00Z During the real estate boom, ... http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ During the real estate boom, Fannie Mae and Freddie Mac had no limitations regarding how many primary residence properties a borrower may purchase within 1 year.&nbsp;<br/>========================<br/>Incorrect.<br/><br/>the standard Fannie Mae and Freddie Mac security instruments, which the borrower would sign in agreement, even during the boom &nbsp;and before; required 12 months occupancy. Wed, 06 Nov 2013 13:18:00 GMT http://www.zillow.com/advice-thread/Can-you-buy-more-than-1-primary-residence-property-within-a-year/518083/ 2013-11-06T13:18:00Z