Can I Have Two PRoimary Residences When Applying for Loans?
Full Question:
I own a home in GA which is an investment property(2798 Ashleigh Ln). Dec 30, 2011 I purchased a FHA primary residence home in GA (1590 Callaway Loop). I am being relocated to Dallas Fort Worth Texas for work. I tried to purchase a home there in January but the loan was denied and the lender stated that it was mortgage fraud because I applied for the home as primary residence, while owning a FHA primary residence home in GA. I think he is calling it fraud because I applied for both loans at the same time. I still want to purchase a home in Texas but I'm unsure how to go about it because I definitely dont want to go to jail over this. Please advise.Many thanks,Krista
01/23/2012 |
Category: Residence |
State: Texas |
#25596
Answer:
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:
http://www.thinkglink.com/2005/09/02/second-home-cannot-be-primary-residence/
