Please help me with this question - Posted by PerlM

Posted by JasonK (SC) on July 03, 2001 at 14:03:29:

If buyer went with conventional loan
normally lender doesn’t require owner-occupency for any longer than 1 year,

but seems like this lender contract doesn’t indicate how long buyer needs to be owner-occupent… it could be anywhere from 0 to the entire duration of the loan.
Just give them a call and find out.

snip------------
We the undersigned purchaser(s) of the above captioned property understand that one of the conditions of our loan is that
we occupy the subject property and we do hereby certify as follows:
( ) we will occupy the subject property upon close of escrow; if unable to occupy by close of escrow, we will occupy by the
following date
( ) we now occupy the subject property. Unit #

We are aware of and understand that if we fail to move into the property by the specified time that we are subject to
prosecution under section 1010, title 18, united states code, FHAT, and that et…c…e.t.c.e.tc…

Please help me with this question - Posted by PerlM

Posted by PerlM on July 03, 2001 at 09:23:31:

I had posted this earlier,
please read.

http://creonline.com/wwwboard/messages/36102.html

Here’s the Question - Posted by PerlM

Posted by PerlM on July 05, 2001 at 09:04:07:

Anyone living in Maryland, please help me understand this form.

The “Occupancy Affidavit and financial status” form
which is written to all of "FHA, FNMA, FHLMC, DVA"
states that one of the conditions of their loan is that buyer occupies the property.

===================================================----------
We the undersigned purchaser(s) of the above captioned property understand that one of the conditions of our loan is that
we occupy the subject property and we do hereby certify as follows:
( ) we will occupy the subject property upon close of escrow; if unable to occupy by close of escrow, we will occupy by the
following date
( ) we now occupy the subject property. Unit #

We are aware of and understand that if we fail to move into the property by the specified time that we are subject to
prosecution under section 1010, title 18, united states code, FHAT, and that et…c…e.t.c.e.tc…

Question 1: The form doesn’t say how long the buyer has to live there before he can turn it into a rental property and start
renting out the place. Is it in effect for as long as I owe the lender money?

Question 2: If I understand correctly,
this is different from the State Tax affidavit form
which asks me if I’m owner-occupant or landlord,
right?