How many owners must occupy a home to be considered owner occupied?

Asked by russelljfawcett, Orem, UT Mon May 6, 2013

What percentage of names on the deed and mortgage need to occupy the residence as a "primary residence" for it to be considered owner occupied?

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Tue May 7, 2013
Hi Russell
Are you asking this question from a mortgage perspective or from a tax perspective? I can give you some information from the mortgage perspective.

On a mortgage, at least one of the applicants on the mortgage must occupy the home. If there is a spouse involved then an underwriter may want them to occupy the home as well. For example, you probably can't say that the husband has a primary residence and the wife has one as well, That probably won't be perceived as legitimate.

Anyone else on the loan not living in the home is considered a "non-occupying co borrower". The rules for using the income, credit, and assets of a non-occupying co borrower towards qualifying for a loan may vary by loan program.

Your best bet is to speak to a local, reputable lender and discuss the full facts of your situation because this is really one of those "it depends" questions and a loan officer would really need to know the full details before giving a complete answer.

Best of luck!
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Tina Lam, Agent, San Jose, CA
Tue May 7, 2013
As long as you're not renting out the home, it can be considered owner occupied, whether you have an owner living there full time or not.
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