I just refinanced my primary residence, and I am planning on buying another home in about 8 months with my fiancee. Do I need to b

It's all about your intentions when you got the mortgage. Your circumstances are going to be quite different in 8 months because you are getting married so you can make a good case and I'm sure you won't have any trouble getting the loan. They usually do require you to have been in the home for one year as your primary but, as I said, your circumstances will have changed and when they ask about it, and they will, you have a good explanation.

You should be fine in 8 months as long as when you refinanced this home, it was your primary and you intended it to be as such.

It really comes down to intent... but realistically, you should not have a problem... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You have a problem here. You signed an agreement saying you understood that this home needs to be your primary residence for at least 12 months. Some of my peers have stated "Circumstances Change". Your problem is you are strategizing out of the gate how to convert your residence into a rental before 12 months. You have just stated your intent. Following through with this plan is a form of fraud. In today's world the FBI is going after the little guy for mortgage fraud. Don't get caught up in their dragnet. If you are thinking 8 months, 4 more won't hurt you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

It is all about intent. When you refinanced, you swore to the lender the home was your primary residence in order to obtain the best rates in the market which always go to owner-occupied loans. The rule says to not be committing mortgage fraud, you need to keep that home your primary residence for at least one year. After that time, you are free to do whatever you want. When applying for the new "owner-occupied" loan, the fact you refinanced an owner-occupied loan less than a year ago will be discovered during the underwriting process. You will be questioned over this, but likely will still get the new loan. The current loan holder, upon discovery could potentially call the loan due in full for fraud as you knew it was going to be a rental. With all that said, realistically, nothing will happen.

Do you need your income to qualify for the new home? to make things simple, if he can qualify on his own, it would be the best, and put you on the loan at a later date..It rarely occurs , but your lender can call the note due and payable, if they think something is going on.. I do loans in california, and I have a great loan officer referral there also. All of this comes out in the wash at a discovery phase in the underwriting process, and you will not be able to use your rent to off set any income for 2 yrs .. you have to show 2 yrs of rent on your tax returns, and since he is related, that is also a situation to overcome .. It is no longer simple these days.. linda you can call me at 602 3301598 or email me at yourloanpartnerforlife@live.com

You should be fine, and if you keep the house as primary residence until then it may be helpful but not necessarily critical. As others have pointed out you may have to qualify for the new mortgage without counting any rental income from your current home. I recommend you make sure your son pays you with a check and you deposit the check each month in the bank so the income can be documented if needed. Depending on income and other details, it may be an option for your fiance to qualify for the mortgage without you so as to not count the payment on your home as part of the dept if that creates a debt to income issue.

At the time of the refinance application that home is your primary residence what happens in 8 months are a change of circumstances there fore you should be just fine