From a qualification standpoint in the mortgage world, you can only have one ‘main’ home that you call a primary residence.
Even if you split your time in multiple locations, subsequent purchases typically have to be designated as a ‘second’ home or an ‘investment property.’
When buying a primary residence, you sign papers agreeing that you plan on moving into that home within sixty days, and plan on living there for at least one year.
Still, life can happen, and sometimes people need to move or switch homes for one reason or another. For example, if your job transfers you to another location and you have just bought a primary house. In that case, you could be buying another primary home in a short period of time.
As you can see, there can be gray areas. That’s why it’s always best to talk to a licensed loan officer before making any offers on a home purchase. Simply reach out to your LendScout Loan Officer and they can help answer any questions you have.
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