Can You Have a Primary Residence That Isn’t Your Primary Residence?

3.4 Primary Residence blog v1-01This seems like a tricky question, doesn’t it? And no, we aren’t working some sort of shady mortgage angle. There is a loan product that allows the borrower (person getting the mortgage) to qualify as an owner/occupant without actually living in the property. While this product has been out there for many years, it is often forgotten about.

Of course, there are qualifications. This type of mortgage is for someone who is purchasing a home for their special needs adult child, or for their parents who are unable to work or do not have enough income to qualify for a mortgage on their own. In this case, the borrower is considered the owner/occupant. In other words, you can buy a home for your parents or disabled adult child, who otherwise couldn’t afford housing, without living in the property and you CAN call it a primary residence! 

If you or someone you know would benefit from this loan type, please be aware that evidence of the income of the parents or evidence and written confirmation that the adult child has special needs is required. If you would like further information on this option, please contact us. You can find the closest office to you by visiting www.smcapproved.com or calling 888-914-2276.

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