But if it's in the same or close to the town where you just bought, then yes, it can't be your primary residence so it will become an investment at your end.
However, at her end or portion of the property, it can be owner-occupied
If you haven't spoken with a mortgage broker/lender yet, that is one of the first things you should do to determine how to classify this purchase. Your lender can answer nearly all your questions.
2. Yes we can call it storage space but it does depend on the lender and what the appraiser states. Your loan officer would need to put in the order that the nonconforming room is used just for storage.
3. If you were a co-signer you would be considered an non-occupant co-borrower which is permissible on FHA, but some investors still do not allow it. Your lender would need access to an investor that does not have an overlay banning non-occupant co-borrowers.
Gilbert, on 2. The non-permitted room can be seen as a storage room which can solve the problem, right?
4) She has a contract with the college every 6 months, Is that consider a temporary employee?
Pacita, 2) I am not a co-signer, if I co-sign, is this must be a inventment? since I just bought, and how do we add my name to the contract?
5) primary residence
1. As long as you provide a gift letter and paper trail for the 20% you're giving her that is not an issue.
2. A non-permitted addition can cause one of two problems. The first being it will not be counted in the value of the property and the second a lender may require it to be cured. The case is problem one so if the listing agent counted that in the pricing that will be an issue with any lender.
3. A hole in the wall usually is not a big deal and should easily be fixed depending on the size, but if the bank does not allow it to be repaired before funding it can be an issue.
4. If she is a contract employee on one of the jobs or is employed through a staffing agency they will automatically deem her as a temp. Believe it or not there are temps who work 2-4 years for the same company. The key would be to provide documentation from her job showing she is a permanent employee.
If she's not then she will be considered a temp and that income cannot be used.
It sounds like the property has more issues than your fiancee's financing issues
1. You're "giving" her 20% down payment. How is this reflected on her bank account?
2. Are you a co-signer on the loan, and will you be on title? If so ---- your own financial situation will be evaluated in terms of whehter or not you can qualify to have two loans. How will you take title (joint tenant? Tenants in common? etc)
3. Is she a contractor for the second job which makes it temporary, or self-employed status
4. How much does she owe (credit cards, auto loans, etc)., What's her credit score? These will play a significant role in getting preapproved.
5. What type of loan?