Residency in another state ....

[Kenneth Vargas]

Bare with me while I explain what question I need answered ... I live in PA and want to move to Florida and in doing so want to rent my current house. I don't want to have my house in PA showing up as my primary resident. I am being told that I must residency in Florida for 90 days so that my house in PA isn't my primary domain. Also,. since we will be purchasing a second home our interest rate will be higher. Is there any way around this "must show residency for 90 day rule"?? Hope I explained this correctly. Thanks  ...

[Upen Patel]

@Kenneth Vargas Not sure how you are speaking to or getting this info, but its being misinterpreted. Lot of people want to "claim" Florida residence for the tax advantages.

Here is the skinny:

• If you rent your current house, then it is a rental. You can go out a rent yourself, and your rental will still count as a rental.
• If you are moving to Florida for a valid reason (new job, new business, be closer to parents, etc.) and can establish that this is not a strategic "move" (your child is enrolled in local school) you can buy a property in Florida as your primary residence.
• The rent credit will depend on your experience as a landlord and LTV of the outstanding loan.

Hope this helps.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243