Flipper/Rehabber · Eagle Mountain, UT · Member since 2018 · 19 posts · 11 votes
How much time do you have to live in a property to fulfill the requirement to live there for a mortgage? We have a house we're considering buying. It would be our primary residence. But we also have a camping/RV trailer and would like to airbnb the house. At what point are we considered not to be living there if we spend a large portion of time in the trailer instead of the house?
How much time do you have to live in a property to fulfill the requirement to live there for a mortgage? We have a house we're considering buying. It would be our primary residence. But we also have a camping/RV trailer and would like to airbnb the house. At what point are we considered not to be living there if we spend a large portion of time in the trailer instead of the house?
Most places just require you to live on the property, not necessarily in the primary dwelling unit. This is a question for the lender though, explain your situation to them.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
4y
Hey @Daniel Pearson, I think @John Carbone is correct. You should check with the city to make sure it is legal to occupy a trailer while renting the house. Some municipalities have rules about what could be considered ADU's.
And it is Short Term Rent the house. Not AirBNB the house. VRBO is also a platform you should use.
Flipper/Rehabber · Eagle Mountain, UT · Member since 2018 · 19 posts · 11 votes
4y
Thank you for the replies.
If the mortgage requires the home to be our primary residence, though, if we're not "living" on the property after a certain threshold of days in a year, are we committing bank fraud? Is it like 6+ months of the year for it to be considered our primary residence?