Residential Mortgage Requirements

[Ryan D.]

Can't seem to find an answer to this question and it seems relatively basic. Is the residency requirement for a residential mortgage 1 year from the start of the mortgage or from the start of you having lived in the property? I'm buying my first property with cash and plan to BRRRR it. We plan on refinancing after 6 months of living at the property once the rehab is complete. The property will be our primary residence but once we refinance it, we hope to rent it out full-time. Any help would be much appreciated. Thank you!

[Steve Vaughan]

Originally posted by @Ryan D.:

Can't seem to find an answer to this question and it seems relatively basic. Is the residency requirement for a residential mortgage 1 year from the start of the mortgage or from the start of you having lived in the property? I'm buying my first property with cash and plan to BRRRR it. We plan on refinancing after 6 months of living at the property once the rehab is complete. The property will be our primary residence but once we refinance it, we hope to rent it out full-time. Any help would be much appreciated. Thank you!

 I've always taken it to mean 1 year from the loan starting.  You have 60 days to move in (or used to anyway) but I think it just has to be your primary 1 yr from loan closing/beginning.