As a direct lender, we would require 60 days; however, there are exceptions if justified. Even simpler, doing the loan as a second home would not require you to move into it in the near future and results in no increase to rate/points. No, you do not need to own a primary residence in order to purchase a second home. It would be defined by the logistics....one cannot commute XXX miles to live in the primary home.
First, FHA is specific: 60 Days maximum. A lender might make an exception...strong focus on MIGHT.
All my best,
"We Listen. We Care. We Deliver."
In most cases you have to "occupy" the home as your primary residence within 30 days of closing. You maybe able to get an exception to do 60 days but that's probably as far out as you can go.
As far as how long you have to live in the home as your primary residence it's typically 1 year but you'll need to read your closing documents very carefully.
Good luck to you in any case,
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
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I recently asked a lender this very question, but don't remember the answer. I would ask though why tmscarpa doesn't just ask their lender this question?