I'm currently renting out my primary residence. I moved, and am living in a rental in a different state. I'm sort of doing this backward. I want to maintain my original home as a rental, and purchase a primary residence in the state where I now live. What type of home will this be considered for mortgage purposes?
2007-08-01 09:03:06 · 10 answers · asked by Brian T 1 in Business & Finance ➔ Renting & Real Estate
If you're currently renting out your primary residence then it's not your primary residence anymore. If you are buying a primary residence in the state that you are now living the home will be considered your primary residence for mortgage purposes.
2007-08-01 09:07:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Primary Residence
2007-08-01 09:06:40 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If you are renting out the property you are refinancing, it will be considered an investment property. If you are not renting it out, it will be considered a second home, because you actually reside in a different state.
Some mortgage brokers might tell you that you can claim this as your primary residence, since you don't own another property, but when the underwriter sees that you work in a different state, it will be either an investment or second home.
2007-08-02 13:49:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your primary residence is one you live in and put on when you file your taxes. An investment is something you rent out as an investment. A second home would be one that you vacation to. Like a house on the beach you go to for the summer.
2007-08-01 09:28:32 · answer #4 · answered by taz4x4512 4 · 0⤊ 0⤋
It should be for primary residence. It's a matter of your intent when you take the loan. If you purchased it as a rental, rented it for ten years, and then want to re-finance it and move into it full time, it's your primary residence.
2007-08-01 09:06:47 · answer #5 · answered by open4one 7 · 0⤊ 0⤋
If you are planning on living there, then it will be your primary residence. Did you ever live in your current "primary residence"? If not, you might be committing fraud against your bank if you misrepresented your purchase as a residence, rather than an investment property.
2007-08-01 09:09:51 · answer #6 · answered by Brian A 7 · 0⤊ 0⤋
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2016-05-20 02:04:45 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Your original home, now being rented out, might be in violation of your mortgage terms. Many loans, including FHA loans, forbid this.
The second home will be your primary residence if that's where you vote.
2007-08-01 09:27:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If you are going to occupy that as your primary residence then that is what it will be considered when you do your mortgage on it.
2007-08-01 09:08:25 · answer #9 · answered by Tallulah 4 · 0⤊ 0⤋
the one you live in will be your primary residence.
The second will be considered an investment property.
2007-08-01 09:06:40 · answer #10 · answered by Anonymous · 0⤊ 0⤋