Advice: Proper planning for state resident status with new home

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keaton
Posts: 111
Joined: Wed Nov 11, 2015 5:24 pm

Advice: Proper planning for state resident status with new home

Post by keaton » Mon Dec 18, 2017 3:36 pm

My wife and I recently bought a piece of property in Maine, yet we are based out of NH and travel a lot for work. We plan on building a house with a loan, yet the bank does not like loaning on "investment" property.

This is our first property with a long term goal of living in it half of the year, thus keeping our residency out of state. The issue with this is again, trying to get a bank loan, as technically it is not a primary residence for tax purposes, yet it's our only property.

So my question is, can I apply for a loan stating primary residence yet still retain out of state domicile? Since we do plan on living there but not right away. I would like to know my game plan before opening my mouth at the bank with processing the loan application.

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MP123
Posts: 800
Joined: Thu Feb 16, 2017 3:32 pm

Re: Advice: Proper planning for state resident status with new home

Post by MP123 » Mon Dec 18, 2017 6:51 pm

If you intend to occupy the newly built house as your primary residence but then change your mind along the way will that be a problem with the construction loan/mortgage?

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