Asked by Ma2fam, Boston, MA • Wed Nov 30, 2011
I'm a first time buyer and if nothing changes, I plan to live there for a long time. Only problem is I cannot move in within 60 or 90 days of closing (i.e) until August 2012 (as property is leased to tenants) which is required by most mortgage underwriters. The offer is not yet accepted and closing can take much longer than planned, but I often encounter this issue. Often, there are clauses for exceptions. Does anyone have experience in negotiating these issues with lenders? Do they even listen or will ask me to buy it as an investment property. If purcahsed as an investment property, when I eventually move in, can I refinance it as an owner occupied property.
I have extra money for larger downpayment and the rents on the property would cover the mortgage anyway. However, I would like to use it as my primary and only residence once the tenants move.
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