With any mortgage, you’ll be asked to sign a legal document stating you intend to occupy the property as your primary residence for a specific amount of time (typically one or two years). For instance, let’s say that your mortgage company requires you to live in your primary residence for a year.
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The loan is silent, which means you do not have to make payments until the home is sold, refinanced or paid off in full. To qualify, you must intend to occupy the home as your primary residence..
At the closing table, you sign documentation stating your intention to occupy the home as your primary residence. But what if you have legitimate reasons for needing to convert your recently acquired primary residence to an investment property? There are ways to convert your primary residence into a rental property. Check current mortgage rates.
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But if you purchased the first home, moved in and shortly after moving in decided to buy the second home, the lender may feel that you did not abide by the terms of the loan and did not really intend to use the first property as your primary residence. but rather to buy and flip the home.
If you intend to live in that house during the weekends, yes, it should be your home. It could even be called your primary residence if you are living with your family the rest of the time. I know here, for home stead tax assessment exemption purpose, if you live in the house on the first day of the year, it would be your primary residence.
A Qualified Personal Residence Trust (QPRT) is a special type of irrevocable trust designed to remove the value of your primary residence or a second home from your taxable estate, at a reduced rate for federal gift tax and estate tax purposes.
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On the loan agreement issue, you need to discuss this with your loan company and see if they have any requirements for residency. It can be a real important issue, since your lender could call the loan if you do not occupy it as your primary residence.