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What constitutes full time residency
What is the legal definition of full time residency once you've purchased a property under an FHA or conventional loan? Does it differ from bank to bank in regards to the conventional aspect? Would 178 days out of a year keep you out of any trouble with banks / loan officers?
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
The standard is that it is your Primary residence....it matters not if you travel/stay away from home frequently for work...it’s not just the number of days. I’m not sure about the actual factors, but is it Actually your primary residence...are all your personal belongings there or elsewhere, driver’s license address, tax return address, etc.
Where would you be the other 177 days a year?