FAQ – Can I have more than one Primary Residence?

One of the most misunderstood occupancy types by lenders and underwriters alike is the Principal Residence versus Second Home or Investment Property.

With more and more Americans working from home, telecommuting or even actual commuting to places such as oil fields and over the road truckers, now more than ever lenders and borrowers alike need to have a good understanding of how Fannie Mae (FnMa) defines a principal residence and under what circumstances a person is allowed to have more than one. If you’re asking yourself this question because you’re planning on hopefully gaining a residency permit in another country, make sure to do all the research needed, such as the requirements of you needed for the permit application, what permit you should apply for, whether or not you qualify for their taxation system and how to go about sorting out your finances in both countries, and what you ultimately need to do to organise a residence permit.

This article was written by ricardocobos

Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183