I am about to put an offer on a duplex and I would appreciate some help from you guys. We may live in one of the units and will be applying for primary residence mortgage - what happens with our mortgage rate if after the inspection or after we close on the sale we decide we do not want to live in one of the units?
@Stevan Radojevic You will be able to get free accomodation for the next 30 years and up to $1m dollar fine. It is mortgage fraud to say you are going live and not move.
Haha...”free accommodations for the next 30 days...”. That actually made me literally laugh out loud. Thanks!
@Stevan Radojevic it's mortgage fraud to get an FHA loan and not live in the property for at least a year. If you aren't ready for that commitment, why don't you partner with someone or find a private lender to finance the Down payment?
@Stevan Radojevic . A secondary isn’t the same as investment. If this is investment property just finance it as that.