Does 2nd primary home qualify for 5% Down?

[Jaspreet Mavi]

I bought my first home in may 2019. I decided to refinance since interest rates are low. My refinance is with a different lender this time. Does my one year requirement to live in primary home starts all over? I am looking to purchase another property as a primary home and rent my current one. If yes, can I put down 5% down for purchase?

[Raymond J. Rodrigues]

If you Refi, it generally starts the one year timer over.

If you for some reason, due to unforeseen circumstances, have to move from your current residence for various reasons, and need to buy a new primary, you can. I’ve seen people do it quite a few times. I hope this helps. I am a licensed lender.