Primary residence loans?
I am thinking of using a primary reidence loan. I intend to either A) move into the property B) Flip the property or C) refinance the property after I fix it and rent it. I cannot get a investment loan for the property, but I will have good equity in the property. (as much as 65k) Any advice? If I do use a primary residence loan and do any on of the three what could happen? I am thinking of C, and when I refinance I will not use a primary residence loan. Since I have “intent” to move in will this option still be legal?
I live in a home that is nicer, but it is under a trust. Part of the reason I want to buy a second property is in case the trust goes “bad.” I want to be as honest as possible, but I cannot get a no-money down loan unless it is a primary residence loan. I am not that affraid of being caught as much as if it is the right thing to do?
If I do not move in I want to refinaince to a different loan catagorey to be safe.