Posted by admin | Posted in vacation rentals | Posted on 07-03-2010
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if i move in my rental property can i refi as my primary residence?
My rental house is in the same townhome complex. I just refi my house at 4.875% Now i would like to move into my rental unit since the renter is moving and then refi that unit. Is this legal? Would i be doing anything wrong with that?
It’s legal, you are probably just going to have a hard time proving to the lender that you are actually moving. Also, you probably have a clause in your other mortgage that it needs to be your primary residence, but in practice I have never heard of this being an issue, unless you don’t pay the mortgage.
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