Is there a difference in the way a mortgage is handled

[Columbo]

for investment property vs buying a house to live in? Say to buy a house that need remodeling (appx 2-3 months worth) and then turn around and sell.

[Hideous]

i will say yes and not explain since i am not the pro.

 

althought i do know why, just don't feel like takign the risk and getting corrected ;-)

 

good question though i asked in on the phone to about 10 borkers 3 days ago myself.

 

well enjoy your free bump

[willtygart]

you will generally have a cap of 90% ltv and you will also have a 1.5%-2.0% fee for it being a non owner occupied :wink:

[Hideous]

thats exactly as i heard it , i swear when the anxiety goes away i am going to start brokering ;-)

 

 

now if the house is livable can't he occupy it as he fixes it and thereby say its owner occupied then sell it ?

 

i had a few of the mortgage people read me that section and none of them had a time limit as to how lang you had to stay in the house. akso if i remeber right it says you "intend" to ovvupy house ?