My clients just had their first child. They have been living in a townhome and now moved into the single family they own and had been renting for 5 years. THey came to REFI as an owner occupied deal. Anybody know what guidelines are on this? IVe been searching ALLREGS for a half hour with no luck.

pk

You should be able to do this with proof that all utilities, comcast, phone, etc. has been switched back into their name.  Some underwriters are requiring 3 months worth of utility bills in your clients name to establish owner occupancy.  I am going through something similar right now.  Were they renting the townhome or did they own it? 

Chris

i agree with Toy that you should have no problems once you document some of the bills.  I would also suggest that when you submit the loan you include a letter of explanation.  Dont wait for them to ask, give up front to show that they are not hiding anything.  Having a new born supports their move as the sfr would probably be bigger than the townhome. 

THey own the townhome and have only 26K on an Interest Only Mtg. They were living in the city when the Borrower bought the SFR that is the subject property, and held it for Income. They rented abck then, then later bought the town home in the same burb as the SFR rental that they now want to move into.