Answer:
See Occupancy on page 12 of the 2-13 GIR.
Occupancy. For a one-to-four-family dwelling, including a manufactured home, indicate whether the property to which the loan or application relates will be the owner’s principal dwelling.
Improved Prop Considered Owner Occupied or Non?
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Question:
Applicant currently rents, and has been funding improvements to a different property out of pocket for the past 5 years. Applicant has applied for a Home Improvement loan to fund the rest of the improvements, and has stated that the intent is to have the improved property be the primary residence once complete. Would the property being improved be considered owner occupied, or non-owner occupied?
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