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Old 01-05-2014, 11:45 AM
 
2 posts, read 3,612 times
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i found a house which is reo and i want to buy it. i will not flip or rent, and will stay there approx half the time, and plan to keep the home long term. i do have a primary house that due to market conditions will be a year or 3 before i could sell if i choose. the owner occupied clause has primary residence and 1 year as such and occupied within 30 days. pretty sure if i don't get in on owner occupied phase, someone else will own this home although it will be someone using as vacation home or they will flip. don't have a problem moving wife and dogs into the house after some upgrades, but will still have house i live in. any advice or opinions would be appreciated
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Old 01-05-2014, 01:05 PM
 
Location: Southern California
4,350 posts, read 4,931,746 times
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REO is typically owned by bank and doesn't necessarily have an owner occupied phase. There is something call Homeopath HUD which does have a non investor phase.

Non borrowing wife and dog would most likely make it a 2nd home for conventional. You might find a non conventional lender. If you can't sell your current home due to lack of equity your options may be even more limited.

Just my opinion.

Do you have kids that can buy it for you?
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Old 01-05-2014, 01:27 PM
 
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i wish. got a full dependant in college. there is a requirement that house be owner occupied. would having my family stay there half the time or a little more. can i qualify as owner occupied even though i have another house. not worried about the loan to get the house, just being able to bid as owner occupier rather than 2nd or investor. and not going to rent or flip.
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Old 01-05-2014, 01:36 PM
 
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If the sale is conditioned upon it being owner occupied, you'll need to make a good faith effort to do so: making it your primary residence, having your homestead exemption being on that house (if applicable), transferring your driver's license and voters registration to that location, etc. If you don't do those basic things you could likely get called out on it.
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Old 01-05-2014, 04:31 PM
 
Location: Southern California
4,350 posts, read 4,931,746 times
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Quote:
Originally Posted by gustus83 View Post
i wish. got a full dependant in college. there is a requirement that house be owner occupied. would having my family stay there half the time or a little more. can i qualify as owner occupied even though i have another house. not worried about the loan to get the house, just being able to bid as owner occupier rather than 2nd or investor. and not going to rent or flip.
I thought you were trying to do an owner occupied loan, but there appears to be other owner occupant requirement.
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