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Type of mortgage for owner occupancy at later date?

I'm stationed in Hawaii and want to purchase a home in Las Vegas, where I intend to live after I retire in a couple years. Given that we wouldn't be able to occupy the house for a couple years, but that it would be the only home that we own. Is it possible to get an owner-occupied loan? Or would we have to get a vacation home or investment home loan? Ideally, we would rent the property out during the first couple years, but given the low cost of the homes we're looking at, we wouldn't need to rent it out. by maxlar_214_666 from Honolulu, Hawaii. Jun 4th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey Max... it really comes down to intent... if your intent is to initially rent it out, then you would have to purchase it as an investment, which is the most expensive type of loan. If you purchase it as a 2nd home, then you would get better pricing. Keep in mind that this is an area where in the past has been a lot of loan fraud, and some lenders are following up to verify whether a property is actually owner occupied or a rental. You should contact someone local, (Nevada) and apply with them... Here on Lender411, there are some great resources to find a qualified loan officer. On the menu tab above, there "Find a Lender" tab. There you should be able to find someone local to Nevada who is familiar with local customs and intricacies making your overall loan process go smoother... but be sure to use a mortgage broker, not a big bank, and certainly not one of those 50 states, or internet lenders... Also, by using the local broker, he has an advantage with lower overhead, he is able to offer better rates and lower fees... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Jun 4th 2012
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Jonathan Rhode (jrhode)
#183 ranked lender in California - 130 contributions

Hello MaxlarIf your intentions are not to rent the home out, then it could be purchased as a vacation or 2nd home. As a 2nd home you will qualifyjust as you would for a primary residence. Also,as a 2nd home you will be able to take advantage of the excellent rates that are availableright now.

Jun 4th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

If you intend to rent it out between now and then, then you must purchase it as an investment property. If you intend for it to sit vacant, or use it as a second or vacation home, you could purchase it as a second home. You are not allowed to claim that a property is going to be your primary residence unless you intend to move into it shortly after escrow closes. The lender's documents will require you to sign and affidavit indicating that you intend to occupy the home as your primary residence within X days of closing. X is either 60 or 90 days depending on the lender and loan type. If you purchase it as second home, there will likely be a provision in the lender's documents that prohibit you from renting it out at all. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 4th 2012
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