2006-08-05 12:37:17 · 9 answers · asked by beach_babe971 1 in Business & Finance ➔ Renting & Real Estate
if i stay in my apartment thats alot cheaper and use my payments and the money from renting the house to pay the loan faster
2006-08-05 12:42:29 · update #1
southern california
2006-08-05 12:44:05 · update #2
Yes, obviously. You'd lose your homestead exemption if you don't live in the house. You could rent a room to someone (check zoning regs first) to help defray costs.
2006-08-05 12:43:27 · answer #1 · answered by Kraftee 7 · 0⤊ 0⤋
Whenever you purchase a home, you are required to disclose how you intend to use the property to the lender.
Your choices are:
1. Primary Residence (Your Home)
2. Second Home (Vacation Home)
3. Investment Property (Rental/Flip)
This is one of the first few questions that is asked on the uniform residential loan application that all lenders use.
They may consider it fraud and find you in default if you do other than what you disclosed.
The good news is that they rarely find out. The only reason a lender would check is if they suspected something or if you were late on your payments.
The only time they even question whether it is truly a primary residence is if you have another property that you are on title to that is larger and in a more desirable area.
This sounds like your first property. If so, then you have nothing to worry about.
Please send me an email if there is any way I can help.
2006-08-09 18:09:35 · answer #2 · answered by kevingeorgecampbell 2 · 0⤊ 0⤋
yes, just be aware that it may take you a while to find a qualified tenant... Also, tenants never take as much care of a home as an owner, so be aware...
I currently have multiple rental properties, beides my primary residence... It just can be hard if you go 2-3 months inbetween leases if tenants move out, or god forbid you have to evict...
There can be alot of benefits, and you can make good money if you are very careful...
If you need assistacne to purchase the rental, or if you have some more questions avout the process, feel free to give me a call...
]
My name is Jason Fry, i work for Providential Bacnorp, a nationwide mortgage lender...
Luckily you live in an area that i am very familiar with...
Alot of people want to move to this area... So, finding renters may not be as hard as in ohter locations throughout the US...
Feel free to call me at 312-264-6448, or email me at jasonf@providential.com
Good Luck!
Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448
2006-08-08 15:57:48 · answer #3 · answered by MortgageGuy 3 · 0⤊ 0⤋
That would depend on the wording of the sales agreement/mortgage. Some homes are for occupation by owner only - neighborhood/association rules and the like.
Read everything very carefully - and check out rules of the subdivision. Some of them have some strict/strange rules, everything from owner occupied only, to the fact that your shutters have to be painted red.
2006-08-05 19:43:34 · answer #4 · answered by kids and cats 5 · 0⤊ 0⤋
my daughter just bought the house I am living in. we signed a renters agreement so that if she and her husband find another house or decide to build in the future they will be able to even tho they are buying this on
2006-08-05 19:46:04 · answer #5 · answered by cathyroberts5 1 · 0⤊ 0⤋
You can rent it at any time after you sign the closing documents
2006-08-05 19:42:04 · answer #6 · answered by phaldo 2 · 0⤊ 0⤋
Yes, but where will you live?
2006-08-05 19:40:23 · answer #7 · answered by The Big Shot 6 · 0⤊ 0⤋
Sure, but where would you live?
2006-08-05 19:40:20 · answer #8 · answered by Sugar Pie 7 · 0⤊ 0⤋
It's your house do do as you please....
2006-08-05 19:41:39 · answer #9 · answered by say it ain't so 3 · 0⤊ 0⤋