Question on Mortgages-Sorry for Repetition (credit report, loan, property, Baltimore)

[BMWZ4RUlz]

Sorry for asking a question that probably many have, but I appreciate your time.

I am thinking of buying a place in Baltimore. I currently work in VA and have a business on the weekends in Baltimore. I am debating buying the place as a primary residence, but not sure how long I will live there concretely.

Is there a requirement for residency before renting out out your home? My guess is I would be there at least a year or more.

Thanks in advance!

[FalconheadWest]

As long as you buy it with the intentions of living there for a primary residence loan, you should be fine. No one could know what the future holds, and if you have to rent it out later, they can't force you to live there.

[Modification Specialist]

Originally Posted by FalconheadWest

As long as you buy it with the intentions of living there for a primary residence loan, you should be fine. No one could know what the future holds, and if you have to rent it out later, they can't force you to live there.

Not enough information to fully comment.....


First good explanation Falconhead, it this is your only home it should be easy. If your going to look to buy as a second home and investment property is no problem, but your going to be paying a higher rate.

It gets a little complicated if your trying to say this is your primary, and you have another property.

You saying your in Virgina. Do you have a home there now, that your looking to keep? This is going to show up on your credit report, showing an obligation to pay each month. You going to have to show you have enough income to support both property's. Plus your explain your intention is the live in Baltimore and rent out the property in Virgina.


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