Updated over 1 year ago on . Most recent reply
Letter of Intent to Occupy
Needing some support here, about to close on our second property and our lender is requiring a Letter of Intent to Occupy. As we intent to use the new home as our primary residence, but also plan house hack and rent by the room, how would you word this in your Letter of Intent? Is there a standard for house hackers? If anyone has guidance or a template they've used with specific verbiage I am all ears.
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Julien Jeannot
#3 House Hacking Contributor
#3 House Hacking Contributor
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Julien Jeannot#3 House Hacking Contributor
#3 House Hacking Contributor
- CPA, Real Estate Broker & Investor
- Seattle & Woodinville, WA
Sounds like all you need is to tell them you plan on occupying the home. I don't think they care about the house hack.
I'm assuming they are looking to confirm you plan to live in the property for at least 1 year for their owner occupied loan & rate.