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Can this be considered a private residence?

looking to get a mortgage for a home and having my wife live in it on her own for about 9 months until I my job ends. Her credit score is sub par and I would rather not have her on the loan. Could I still do a mortgage for a primary residence ? by slabberrom308 from Detroit, Michigan. Jun 21st 2017 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,560 contributions

All owner occupy mortgage loans that I can think of have occupancy rules that generally state the person obtaining the loan will occupy the house within 30-days. My first thought was maybe as a 2nd home, which gives you the good rates, and only requires 10% down?? Obviously we don't have enough information here, so you'll need to discuss your situation with your local mortgage broker to see if there is a way to make it work. Good Luck.

Jun 22nd 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

More info required, but If you are the only one on the loan, but you wont be living in it for 9 months, then it's not your primary residence. You would have to purchase it as a 2nd home or investment home.. 2nd home rules require a minimum of 10% down, and rates are close to primary residence rates. Investment is 20%, but 25% is ideal, and rates will be higher.. If your wife were on the loan, then yes.. you could purchase it as a primary.. Another issue you will be dealing with is your employment.. if your job ends in 9 months and this is disclosed to the lender, then your income from that job might not be considered.. lending rules require that the likelihood of your employment must continue for 3 or more years.. If that particular "Project" is ending in 9 months, but you will be continuing on with the company on another project, then it's not a problem.. but if the job ends, or you retire, then it's possible the employment income wont be considered.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 22nd 2017
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Jack Cyrul (Jack Cyrul)
#4 ranked lender in Michigan - 90 contributions

I can do this loan as a conventional loan. It would fall under the guidelines of a investment property. Feel free to contact me at 734-395-9027 Thank you Jack Cyrul

Jun 22nd 2017
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