Currently own one duplex which is fully rented and one single family house where I’m living. The single family house is a small little ranch, perfect to rent out in the future. If I were to buy another duplex and intend to live there, would I qualify for an owner occupied mortgage, or will the lender say you are unlikely to move from the single family house to the duplex, therefore only qualified for investor mortgage ?
Owner-occupied mortgages
byu/no-look-passing inrealestateinvesting
Posted by no-look-passing
2 Comments
you should be fine getting owner occupied rates if you actually plan to move in and can show that intent. lenders care more about your debt-to-income ratio and that you’ll actually live there within reasonable timeframe
the key is being able to explain why you’re moving – maybe the duplex is bigger, better location, whatever makes sense for your situation. just don’t try to game the system because they do check up on these things
Lenders will believe your stated occupancy intention. Unless there are obvious red flags. But don’t set out to commit occupancy fraud.