Hey BP! I currently reside in IL.. 馃槳 I plan on moving to Tennessee in the summer of 2021. I was wondering can you get an owner occupied loan as long as youre in the property within 60 days? Also, do you have to have proof from an employer that you'll have work where you intend to move? Without going into too much detail, i dont intend to keep my current job. And if anyone knows any meet ups they attend around Knoxville, let me know! I'll be around, thanks.
Well, if you can convince the lender you'll be living there, when you close, they'll have you sign an affidavit to the effect of the property will be your personal residence.
I'd spend some time talking to your lender about your situation upfront. People from OOS in OR buy houses here all the time - Usually thru lenders in OR.
Hi @Account Closed sounds like you haven't talked with any lenders. Pick up the phone and call 10 lenders, I guarantee by the time you reach the end of your list you'll have a lender who can help you.
And yes you are correct, if you can move into a place within 60 days its considered owner occupied.
@Steven Wilson, i understand that's the best way to pursue the information im looking for. I was expecting that sort of reply..since I'm not looking to move until about 8 months from now, i figured id wait before i make those moves. Just wanted to get an idea of what to expect when the time comes around. Thanks.