Can I move into my 4 plex to refinance?

Question

I own a 4 plex and 1 of the units just becqame vacant. My interest rate is 5.75% 30 year fixed with Wells Fargo.

Can I move into that unit and then refinance as a owner occupied property? And if I do that for how long do I have to live there?

Pat Bahn · Answer

i was told 2 years by my bank but that i may not be able to get another mortgage for 4.

Rusty Thompson · Answer

5.75% to what? your probably not going to get low enough to make it worth it.

Steve Babiak · Answer

I posted a link to some wording that is commonly found in mortgage docs in this other thread:
http://www.biggerpockets.com/forums/67/topics/65004-if-finance-a-flip-with-conventional-mortgage-would-that-be-ok-to-sell-right-away-in-1-month-

Jeff S. · Answer

In the past I've stayed a year. Think that is a reasonable time.

Loc R. · Answer

How much lower could you possible go on a refi? You'd have to ask yourself whether it was worth it to go through all that trouble.

Jeff B. · Answer

It may be bank dependant, but I believe Fanny Mae has it at 12 months. However, be careful that you aren't committing mortgage fraud as that could cost you an additional 3-5 years in a very different place.

Can I move into my 4 plex to refinance?

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