Primary Residence Requirements

4 Replies

So my wife and I are looking at options to add a property without having to put a ton of money down and thinking about changing our primary residence, however, still want to stay in our current home at least part time. What are the minimal requirements to have a property legally be our primary residence. I know we need our mail sent there, utility bills in our name, and supposedly stay there "a majority of the time", but is there anybody out there that has a better hold on this?

Feel free to direct message me as well and we can text or talk on the phone about this as well. I am just trying to do whatever it takes to make our portfolio grow, but obviously want to stay within the laws of our country. I am in coastal NC.


@Bret Gillespie - It must be your primary residence for 1 year - I can't imagine paying two mortgages for a year would be worth the cost just to get an owner occupied loan

@Brie Schmidt , correct me if I'm wrong, but isn't that only with an FHA loan? If we were to do a 3% conventional loan, isn't it only 6 months that it has to be your primary residence? I guess our situation is slightly different than Wisconsin maybe, as we do short term rental only and can rent out a primary residence when we are not there. This makes it much easier to split time between two homes. I apologize for not adding this context prior to posting. I am mainly just asking what the requirements are, and "how I can afford it, not if I can afford it".

Thanks for your advice!

@Bret Gillespie - I would check with the lender, even 20% down requires 1 year of occupancy, so does the 5% program.  I have never seen an owner occupied program do anything less than a year