J P D
New Contributor
Hey guys,
I have two quick questions.
I have owner occupied financing on my first 2unit property. In my lending agreement it states that I will make this property my primary residence for at least one year from the move in date. I was just speaking with a lender about another possible deal and he claims that I only have to reside in the property for 120 days to satisfy the owner occupied status of my loan.
Does this sound right to anyone? Even if it is do-able, will this be looked upon negatively by lenders in the future when I apply for an owner occupied loan?
My second question is regarding LLC's. Even with near perfect credit, no other debt or monthly expense besides my mtg, I am told it is next to impossible for me to qualify for any kind of loan on an investment property. This is due to my debt/income ratio being too high (I had to switch jobs and took a pretty sizable pay cut). If I put my current two unit under an LLC would that then free up my personal debt/income with which to qualify for an investment loan?
I have two quick questions.
I have owner occupied financing on my first 2unit property. In my lending agreement it states that I will make this property my primary residence for at least one year from the move in date. I was just speaking with a lender about another possible deal and he claims that I only have to reside in the property for 120 days to satisfy the owner occupied status of my loan.
Does this sound right to anyone? Even if it is do-able, will this be looked upon negatively by lenders in the future when I apply for an owner occupied loan?
My second question is regarding LLC's. Even with near perfect credit, no other debt or monthly expense besides my mtg, I am told it is next to impossible for me to qualify for any kind of loan on an investment property. This is due to my debt/income ratio being too high (I had to switch jobs and took a pretty sizable pay cut). If I put my current two unit under an LLC would that then free up my personal debt/income with which to qualify for an investment loan?
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