Updated about 3 years ago on . Most recent reply
Can I close on 2nd primary inside of a year?
Can I purchase and close one a new primary to hack less than a year after purchasing?
Current loan states it must be primary for 1 year. New loan gives me 60 days to move in.
50 days after closing would be my 1 year and would have renovation mostly finished to move into new.
All good and not mortage fraud.... right?
Sorry a newbie here.
Most Popular Reply
Hi @Adam Dordea, the underwriter will likely catch this and make you wait the full year prior to funding the loan.
They do not want to be held liable for approving the loan while you are not yet at the 1-year mark.
For all they know, you will move into the property on closing day.
In short, unless the underwriter misses it, it could cause the property you are trying to buy to be delayed by 2 months and may cause you to lose the contract and EMD.
Hope this helps! Let me know if I can be of any assistance.