Posted by Anna on June 13, 2000 at 09:11:44:
In Reply to: Don't do it. posted by John on June 13, 2000 at 08:31:14:
: In addition most, if not all mortages require that you live in the house as your primary residence. My friend tried to do the same thing and got caught. He had to sell the house because he had signed a number of contracts with the mortgage lender to get the mortgage and he lied about living in the residence.
Actually, millions of people own single family homes that are not their primary residence either as second homes or as rental properties. When applying for a mortgage of a rental property, the rental payments are considered in the mortgage application. The house would be in New Hampshire: most of the towns there are considered to be 'vacation land', especially by New Yorkers! Some people even think of the NH cities the same way. So, second home / summer house is not unreasonable either...
Hilary: this is not a do-it-yourself situation: use any and all available professionals.
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