Question
Can I count my rental home as my primary residence for refinancing purposes?
We currently have a home in WA. We are military, and so we had to move to another state. The rents in the area are way less than my mortgage, so I am paying an extra $500/mo to cover the mortgage. My interest rate is 6.5% on 80, and 10.69% on 20 (80/20 loan). My husband is deploying to Afghanistan in 7 months, and I plan on moving back into our home. Would we be able to refinance now with the intent on moving in, or will all companies still count it as a rental home? (We rent where we live now). Are there any exceptions to owner occupied homes for military stationed overseas? We already tried talking to Countrywide to modify, and they said no. Thanks for any advice. We really need to lower our mortgage.
2 months ago - 1 answers
Best Answer
Chosen by Asker
You cannot refinance as a primary residence until you actually move back there to MAKE it your primary residence. There are no known exceptions for military. If you do not live there, it is simply NOT your primary home. Don't try to lie about it either. When you give your current address and it's not the same as the house you occupy, they will figure it out in a flash.
by acermill
2 months ago
Asker's Rating: 