Primary Residence

[smallfry]

If I rent an apartment in one state work in that state and spend most of my time in that state can I obtain a mortgage on a home in another state as a primary residence? The new home would be the only home I would own. It would not be rented.

[rockymtngrl]

Can you clarify a little bit- are you talking about living near the state line with just a few miles between? Also to buy a house as a primary residence you would have to be moving to it and make it your primary residence and your work would have to be near it-like close enough to drive. Or are you talking about moving? Or are you saying you want to buy a second/vacation home and call it a primary residence? In that case absolutely no that would be fraud.

[smallfry]

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@rockymtngrl wrote:
Can you clarify a little bit- are you talking about living near the state line with just a few miles between? Also to buy a house as a primary residence you would have to be moving to it and make it your primary residence and your work would have to be near it-like close enough to drive. Or are you talking about moving? Or are you saying you want to buy a second/vacation home and call it a primary residence? In that case absolutely no that would be fraud.

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I currently do not own a home so it would not be a second/vacation home. I plan on moving within a few years and the home is not close to where I currently live.  

[rockymtngrl]

No you cannot do that. Technically it would be a second or vaction home even if you are renting your primary home.

[smallfry]

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@rockymtngrl wrote:
No you cannot do that. Technically it would be a second or vaction home even if you are renting your primary home.

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Thanks looks like it's a moot point since the rates for primary and vaca home are the same on the Penfed website.