All Forum Posts by: Samantha Martin

Thank you Collin! 

I read other buyers discussing this on Trulia, and they were saying things like "once it's your property, you can do as you wish with it". We would not be lying on any application. We are just wondering if we have to live there for a year minimum, or if we have to ever actually live there at all. I'm simply asking for the details of the loan, no one said anything about lying on applications. 

Hey Peter, I am in a similar situation, did anyone end up responding with a suitable answer to your question? I'm just noticing there isn't a ton of info on this method.

Thanks!

We currently own a home, and are looking into investing in a 2nd home. We were told we could buy the 2nd home with an owner occupied loan if we lived there, and rented our current home. We are wondering, is it illegal to get the owner occupied loan, but not live in the 2nd home? Can we get the owner occupied loan, and continue to live in our current house, while renting out the home that we are purchasing with the owner occupied loan?  We are new at this, and really trying to figure out the best way to go about purchasing more homes without getting caught up in a loan mess that will only allow us to own 1 or 2 homes. Any advice is very helpful. Thank you!