What is a owner occupied loan?
Consumer purpose and owner-occupied loans are loans in which the borrower intends to occupy/live in the property for which they are obtaining the loan, as their primary residence or the loan is for a consumer purpose (bill consolidation, helping a family member, paying a tax lien) and is tied to any form of real estateClick…
Consumer purpose and owner-occupied loans are loans in which the borrower intends to occupy/live in the property for which they are obtaining the loan, as their primary residence or the loan is for a consumer purpose (bill consolidation, helping a family member, paying a tax lien) and is tied to any form of real estateClick to see full answer. Also asked, what does it mean to be owner occupied?Owner-occupancy or home-ownership is a form of housing tenure where a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which he lives. This home can be house, apartment, condominium, or a housing cooperative.Likewise, how do you prove owner occupancy? Your name is on the document as the legal owner of the home. Deed or Official Record for the home. Mortgage Payment Book or other mortgage documents. Real Property Insurance Policy. Property Tax Receipts or Tax Bill. Property Title or Mobile Home Certificate of Title. Furthermore, how soon must a borrower on an owner occupied loan occupy the property? Generally, for a property to be owner-occupied, the owner must move into the residence within 60 days of closing and live there for at least one year.Can you have two owner occupied loans?First off to directly answer your question it is IMPOSSIBLE for a borrower to have other than ONE owner occupied primary residence. The home that is your LEGAL residence is what the lender will want you to have cash 20% down payment for standard financing.
