Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My house is for sale and under contract by a veteran who works overseas as a civilian the majority of the year. He is purchasing the house to be his primary home when he is home, although he is only home a few months total per year. He has a house in a town next to this one and is going to sell it.
My question is, will this situation be permitted? The loan officer is saying they have it verbally approved and this will not pose a problem when going through underwriting.
My house is for sale and under contract by a veteran who works overseas as a civilian the majority of the year. He is purchasing the house to be his primary home when he is home, although he is only home a few months total per year. He has a house in a town next to this one and is going to sell it.
My question is, will this situation be permitted? The loan officer is saying they have it verbally approved and this will not pose a problem when going through underwriting.
Based on the info you provided, I see no issues here at all.
Because he wasn’t going to be occupying for 6+ months out of the year so he could not consider the home his primary home for loan purposes. No exceptions. So they changed to VA at that point and stated that they got prior approval for the occupancy exception (although I don’t know what that means).
Because he wasn’t going to be occupying for 6+ months out of the year so he could not consider the home his primary home for loan purposes. No exceptions. So they changed to VA at that point and stated that they got prior approval for the occupancy exception (although I don’t know what that means).
Odd, not sure why it's an issue since the family will be living in the home even when he's away for work. You should have your agent check in with a lender for additional info on this.
Even if he's not there, his family will be. Issue may be if he's also mortgaged as an owner occupant on the place he's living in the rest of the year, or an issue with the current home mortgage until he sells it. If he's mortgaged as an owner occupant already, this would be a second home.
It's an unusual but not unheard of circumstance, different lenders may decide differently.
He has an agreement with his real estate agent already to list his families current home as soon as this one closes and was pre approved to carry both. But who knows…. It all has my nerves shot.
Odd, not sure why it's an issue since the family will be living in the home even when he's away for work. You should have your agent check in with a lender for additional info on this.
Sounds like he answered the question wrong with the first lender. Pre-pandemic, I knew a lot of people that traveled a lot for work. Technically speaking, they didn't spend 183 nights a year in their own bed. But I don't think that's what they mean when they ask the question.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
