Owner occupied Homepath dilemma.
After going through the forums, I have what i think is a relatively unique problem and I'm seeking out others who may have experience (and resolved) the same.
My wife and I live apart, due to work.
We both really like where she lives and works, but there's nothing there for my profession so I work away and I also make the vast majority of the money.
Up pops a property in her town, we both really like it and both price and location are fantastic...
BUT it's a Homepath property and I'm not sure about how the owner occupied certification is going to work out with my wife living there and me being away for the majority of the year with work.
I have no issues receiving mail, homesteading, updating my license etc, but has anyone been in a similar situation and can maybe enlighten me on just what the Homepath definition of primary residence is?
Again - this is intended to be my primary home, not a fix and flip.
My wife and I just bought one of these and signed the contract that said "owner must occupy the property as the primary place of residence"
Hence the term Owner Occupant... The fine was $10,000 dollars, if you were not occupying the property for up to a year.
I suppose if you could PROVE that this was your primary place of residence for the year and are willing to defend it in court against Home-path than go for it...
Why not put your wife on title so it is a primary place for both of you?
Call up a Realtor who is knowledgeable about home path and ask the for a copy of the contract. that should help.
I don't think you'll have a problem, especially if your wife will be on the loan. She is an owner and she will occupy it.
Thanks for the replies.
It'll be a cash purchase, as it's not a very expensive home but the wife will be on the title too and living there full time so I can't see how they'd draw issue with it but you never can tell...
I have a copy of the contract and it doesn't really say too much more than Joshua said in his post.
I'll seek a some legal advice on it I think.
Steven Brain
I had a slightly different situation with home path. I had to sell the house less than a month after I bought it. I ask for legal advice asked the pros. No one really gave me an clear yes or no. So I just called them and asked. They released me of all my OO obligations.
Moral if the story: some times you gotta go straight to the source to get a straight answer.
Good luck.