Primary Residence Vs Investment Property

Investment Property: Unlike a primary residence or second home, an investment property is used as a source of income. Typically, the home is considered an investment property if you plan on collecting rent from the property and it’s located within 50 miles of your primary residence (although that requirement may vary, just like the second.

Hi guys, We are getting ourselves into position to make our first purchase in 2018. I spoke with a local lender recently from Movement Mortgage and he told me that I wouldn’t be able to get an investment property loan without owning a primary residence.

You can convert an investment property into your primary home whenever you want, though. If you decide to sell a rental or vacation home for more than you paid, the Internal Revenue Service will.

How To Convert A Property To Your Primary Residence. You may assume that to change your primary residence, you can simply move into your investment property or secondary home and call it a day, but that’s not the case. With the tax advantages that primary properties offer, the IRS wants to make sure to get a cut.

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Investment Property: Unlike a primary residence or second home, an investment property is used as a source of income. Typically, the home is considered an investment property if you plan on collecting rent from the property and it’s located within 50 miles of your primary residence (although that requirement may vary, just like the second.

When you finance investment property, lenders generally want to see better credit than they do for primary residence buyers. For instance, Fannie Mae borrowers putting at least 25 percent down can.

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The bank views investment property and primary residences differently based on risk. If you were to run into a tough spot, you will stop paying your investment before the property that you live in. That is why primary residences get better financing rates, less risk.

Mortgage Occupancy Fraud – Investment Vs. primary residence. home buyers tell mortgage lenders a property won't be their primary.

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