Generally, for a property to be owner-occupied, the owner must move into the residence within 60 days of closing and live there for at least one year. occupy verb T (FILL) to fill, use, or exist in a place or a time: A large couch occupies most of the space in the living room. Websters New World Similar definitions To take possession of by settlement or seizure. American Heritage To take up or fill up (space, time, etc.) Websters New World Similar definitions To hold possession of by tenure. The application will usually state, “The borrower intends to occupy the property as his/her primary residence,” or some variation thereof when the borrower will be an owner-occupant. occupy verb T (TAKE CONTROL) (of an army or group of people) to move into and take control or possession of a place: Nationalist forces now occupy more than 70 of the country. verb occupied, occupies, occupying To dwell or reside in (an apartment, for example). Some types of loans may be available only to owner-occupants and not to investors. When applying for a mortgage or refinancing, the lender will need to know if the borrower is going to be an owner-occupant or an absentee owner. Department of Housing and Urban Development (HUD) offers special programs for those who plan to be owner-occupants, such as the Good Neighbor Next Door Program, which offers a discount to first responders who live in a property for at least three years. To be considered owner-occupied, residents usually must move into the home within 60 days of closing and live there for at least a year.Some loans are only available to owner-occupants and not absentee owners or investors.Owner-occupants are residents who own the property where they live.
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