When applying for a mortgage, a borrower's "Occupancy Type" is a major factor in the amount of down payment required, loan program available and mortgage interest rate.
Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter.
Three Types of Occupancy:
Owner Occupied / Primary Residence -
According to HUD, a principal residence is a...
Read the COMPLETE BLOG POST HERE:
What's The Difference Between A Single Family, Second Home and Investment Property?
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