question about primary residence

[Vasudev Kirs]

Our primary residence is currently inhabitable due to hail damage. We are looking at a new place to buy but our intent is to go back to our original primary residence after repairs which we dont know how long it will take due to insurance process.

My question is, can we purchase a new property as primary residence but then not live there for one year?

[Patrick Roberts]

Quote from @Bill B.:

But your main impetus is NOT to buy a new primary home. I think you just answered your own question.  As you’re obviously going to turn it in to a vacation home or a rental almost immediately, get that kind of loan.  Otherwise buy a new primary and turn your current home in to a rental or vacation home instead. Win win. 

Ps. If your home can’t be repaired from “hail damage” in less than 20-30 days get another quote. It will easily take 45-90 days to buy a new property. How in the world would it not be repaired by then?

 This is the correct answer. It's all about intent. The guidelines for most loan products require that you intend to live in your new property as your primary residence. In your case, the new property is not your primary residence - based on your statements, it is explicitly temporary until your primary residence is repaired and habitable again. To get a primary residence loan, you would have to intend to live the in new property indefinitely. The one-year timeframe that many people mention is a good general expectation or rule of thumb; most loan programs dont have set-in-stone defined periods for this.