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We are in the process of the deed in lieu.

We are in the process of the deed in lieu. Had a question about what does owner occupant mean?
Rich asked this question 1 year ago
  • Wellness

    Solving queries related to mortgage, online banking, general queries...

    Owner occupant means a resident of a property who also holds the title to that property. In contrast, an absentee owner holds title to the property but does not live there. A landlord is a type of absentee owner.
    When applying for a mortgage or refinance, the lender will want to know if the borrower is going to be an owner occupant or an absentee owner. The application will usually say "The borrower intends to occupy the property as his/her primary residence", (or some variation
    thereof) when the borrower will be an owner-occupant. Some types of loans may only be available to owner-occupants and not to investors.

    Owner occupant buyers simply mean that the property is available only to those buying it to make it their home, i.e. no investors. This is done so that the first time home owners or those who don't have a home at the moment get the first shot at buying. This is seen a lot with Fannie Mae foreclosures. When a foreclosure property comes up for sale there is a period of time for owner occupied buyers, after that period the property is opened for sale to anyone, that is people who are buying a second home or are investing.Owner occupant buyers simply mean that the property is available only to those buying it to make it their home, i.e. no investors. This is done so that the first time home owners or those who don't have a home at the moment get the first shot at buying. This is seen a lot with Fannie Mae foreclosures. When a foreclosure property comes up for sale there is a period of time for owner occupied buyers, after that period the property is opened for sale to anyone, that is people who are buying a second home or are investing.

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