Can I Have Two PRoimary Residences When Applying for Loans?
Primary residence is the legal residence of an individual, for purposes of income tax calculation or for acquiring a mortgage. Generally a person’s primary residence is determined based on the mailing address, telephone listing, the time spent at the residence per year and such other factors.
You will need to choose one residence only as a primary residence when applying for loans. If you claim two residences as both being primary residences at the same time, it may be called fraudulent. You may wish to consider owner-financing, such as a contract for deed. See also: