Loan Scenario We’re Working With:
Borrower just refinanced her primary residence rate and term, as owner occupied last month. She’s looking to enter into contract for a purchasees a bigger home -150k more valuable than the one she currently lives in. This new home will be about 3 miles from her current job compaired to 10 miles from whe she currently resides..
The property will be in Irvine, which means great schools for her kids of 2,4,6, and 8 years old.
She will be occupying the property as her primary residence and would like to get owner occupied rates.
DTI is fine with both mortgages.
Property Value: 605,000
Loan Amount: 484,000 (80% LTV)
Loan Terms: 30yr
Type of property: Condo
Type of occupancy: Owner
Zip code of the property: 92620
Answer: No, they have to do the purchase as a non-owner or refinance the current as a non-owner then do the purchase as owner occupy.