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> I bought a house, one thing said I had to move in within 30 days, another 60 days, and another 15 days. Confused... if you're buying the house why can't you
by mehrdadn 7y ago
> I bought a house, one thing said I had to move in within 30 days, another 60 days, and another 15 days.
Confused... if you're buying the house why can't you just move in when/if you feel like it? Is this a mortgage/legal thing about it being your primary residence?
- kgermino 7y agoYep. It’s tied to U.S. housing subsidies. Basically the Federal Government wants people to own their own home so they subsidize home loans. But to help prevent people from using the subsidies for 2 houses or rental properties they require you to move in within a limited timeframe.
- schreiaj 7y agoYes, the terms of the loan were for a primary residence thus they expected me to actually live there. If I recall it also stipulated it had to be my primary residence for some amount of time. Basically, they wanted to make sure I wasn't getting the mortgage to buy a commercial property since that would have had different terms associated with it.
- mehrdadn 7y agoAh cool, thanks!
- johnnyo 7y agoIt’s likely an owner-occupied mortgage rate. Mortgage rates are lower for properties you live in vs ones you want to rent out (seen as higher risk).