Posted by Janet on March 20, 2005 at 01:13:44:
Thank you…
Janet.
Changing Primary resident to NOO - Posted by Janet
Posted by Janet on March 18, 2005 at 13:16:36:
I have been a home owner for 9 yrs. (Primary Resident) I still have a mortgage on my house with a local bank. My house is zoned R3 and is big enough to be made into a Duplex. I want to move and change my home to a duplex, and rent both sides out. I was searching the internet for changing SFH to DUPLEX and came across a forum, where someone said that a bank can demand payment in full on mortgage if home was bought as a Primary Resident and the home was being used as rental property. Is this true?
How can I change my present primary home status to Investment NOO without the bank demanding payment in full?
Can someone Refinance the house and change the Primarary Resident to Investment property?
Thanks, Janet.
Re: Changing Primary resident to NOO - Posted by Frank Chin
Posted by Frank Chin on March 18, 2005 at 17:23:55:
Janet:
It depends on the mortgage you got.
I took out conventional OO mortgages that only requires movein within six months, and residency for 18 months, I beleive. I haven’t checked for a while. I’ve taken on OO mortgages, lived in the place, moved out, then rented the place, then moved into another one, more than once.
On the other hand, there are many special loan programs out there, such as state subsidize first time home owners, and others, that does not allow it.
So look for documents from the mortgage, and the riders that come with it.
Frank Chin