Rental Property Investor · Dayton, OH · Member since 2018 · 108 posts · 48 votes
Hi all,
I'm presently living in CA, considering buying in TX to work remote, and house hack. Only way I can make it work is if I put 5-10% down, which I know you can only do if it's your primary residence. Question is, if I get called back to the office/CA before year 1 of occupancy (which is highly likely) am I in danger of mortgage fraud?
Real Estate Agent · Nampa, ID · Member since 2017 · 439 posts · 361 votes
6y
It only has to be your intent to stay there for one year. If you try to apply for another mortgage within a year, then yes you will likely flagged for mortgage fraud, but not just moving.
Rental Property Investor · Des Moines, IA · Member since 2020 · 232 posts · 116 votes
6y
@Ian Gilligan This is a tough one, because when it goes to underwriting, they'll more than likely want to see some kind of proof of a job transfer to TX to approve it as owner occupied. Otherwise it'll more than likely be treated as a second home/Investment property for qualifying.
Rental Property Investor · Dayton, OH · Member since 2018 · 108 posts · 48 votes
6y
@Rene Owczarski thanks Rene, they asked me for a letter from my employer saying I’m approved to work remote, which I am, and which I provided them. So it looks like that letter covered me on that front?
Real Estate Agent · Nampa, ID · Member since 2017 · 439 posts · 361 votes
6y
It only has to be your intent to stay there for one year. If you try to apply for another mortgage within a year, then yes you will likely flagged for mortgage fraud, but not just moving.
Rental Property Investor · Des Moines, IA · Member since 2020 · 232 posts · 116 votes
6y
@Sarah Brown I would agree with Sarah on this. In that if you tried to apply for another Owner Occupied loan within a year of the TX purchase, that you'll get flagged for occupancy discrepancies on the application.