Primary residence mortgage for retirement

[Min Liang]

Hello all,

I spoke with a mortgage broker today in regard to purchasing a home in FL for my retirement in approximately 9 months. He had told me that I’m not qualify for primary residence due to me not living within the qualified distance. I told him I will be moving soon or my wife can move in first while I’m finishing up with my job in NYC, he still insists that I do not QUALIFY… any ideas? Suggestions or ways around my situation?

TIA for anyone with their help…🙏

[Jon Puente]

Quote from @Brandon Croucier:

Quote from @Jon Puente:

Hey Min, 

Can you buy the property in advance as an "investment property" and then when you officially make the move, you can refinance it into a primary residence at much lower interest rates?

You cannot buy a property as a "primary residence" unless you plan on occupying the property within 60 days of closing, and it sounds like you may not be able to make that happen. 

Great Question!

 Well this is fraud... LOL

 Its actually not lol.  He could easily buy this as an INV property, throw a tenant in there for 1 year and then move when ready.  Or he could do it as a 2nd home (if he owns a current primary).  If he refi's after 12 months, Fannie/Freddie dont care.   

The true fraud would be buying as a primary today and not occupying for 9 months.