Asked by Denise, Horsham, PA • Mon Oct 24, 2011
our concern when he applied to refinance he was asked if it will be his primary residence for the next 12 months .... which was the plan at that time. this is a no appraisal, no fee refi that will settle in 3 weeks. we got a call 2 days after he initiated the process that a home we'd bid on and lost was back on the market with fast settlement of Nov 30. This is a rush to contract deal and with the no contingency offer we'd made we are now concerned that when we apply for a mortgage together for this home we will be declined due to the terms of the refinance - has anyone been through this? will this be something that the mortgage company will be stickler about? we can rent his place out with no problems and cover the mortgage but we're concerned that the primary residence issue will disqualify us and we can't take that chance and lose our deposit.
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