Owner occupied - does this include situation where children live in the property but parents who finance the property do not?

Asked by Tina, Rubin Wed Mar 27, 2013

With respect to financing and also regarding tax assessment, would a property be considered owner occupied if your child/children plan to occupy the property but the parents who are financing the property do not? I assume it would be non owner occupied but wasnt positive. Also, note that the parents currently do own a home.

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Josh Greenwa…, Agent, New York, NY
Wed Mar 27, 2013
BEST ANSWER
Usually not considered owner occupied, if they're not living there and especially already have their own home they claim as primary residence.

Why do you ask? Are you looking to purchase a second for children? Contact me at 401 527 1994 or joshg@alumni.brown.edu, and perhaps I can help.
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Brassreminde…, Home Buyer, New York, NY
Tue Nov 7, 2017
No one answered the question, which I also have. I want to buy a home for my daughter to live in. I do not want her name on the loan or deed, I want to own the home. But an immediate family member WILL be living there. Can a qualify for an owner occupied conventional FNMA loan or not?
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Jay Rezendes, Agent, Cranston, RI
Wed Mar 27, 2013
FHA sometimes allows parents to co-sign a loan, I have a few great loan officers that maybe able to help. Email me at JayRezendes@Jay-Rezendes.com, call, or text me at 401-639-3914
0 votes
Christopher…, Agent, Providence, RI
Wed Mar 27, 2013
HI Tina,

My personal advice is to check with the municipality that you are buying in to get an answer as to what they consider owner occupied. I have a very similar situation I am working with right now and that is what I did.

As for the write off for tax purposes I would check with your accountant or tax specialist for these implications.
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