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What happens if you state that a home you buying is your primary residence and then you rent it out?
Wiki User
∙ 16y ago
Since there are different rules for loans for a rental versus a primary home, the mortgage company can call the loan, especially if you misrepresent the reason for getting the loan. Usually, there is a rule that it needs to be a primary home for a period of time, for the purpose of tax on capital gains when you sell it. Also, if you are living in a home you own already, they will want you to have a signed lease agreement for that. If you buy a home to rent out, then you'll probably need a signed lease for it, too.
Furthermore, you may no longer qualify for owner/occupant benefits on your taxes and insurance, among other things, if you are no longer living there.
Wiki User
∙ 16y ago
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Is it illegal to buy and sell semi automatic guns?
So long as they're legally possessed, and legal to own both in your state of residence and the state of residence of the person buying them, no.
US Presidents whose primary state of residence was Illinois?
Lincoln and Obama fit that profile.
What are provision acts?
Homestead Act provisions vary from state to state but generally prohibit the siezure of a primary residence by creditors.
Can a deficiency judgment on a property in one state force a sale on a primary residence in another state.?
It depends on the state where the primary residence is located. For instance, in the State of Florida, the answer would be "no". The Florida Constitution provides a homestead protection against the efforts of creditors to levy on one's primary residence. However, a judgment creditor could record a certified copy of the judgment in the county where the Florida primary residence was located and thereby effectuate a lien on the property. This would keep the judgment debtor from being able to refinance the home or make other efforts to pull equity out of the home. In order to determine the answer to this question for the state in which you are located, you should seek legal counsel licensed to practice in your state.
What are homestead act provisions?
Homestead Act provisions vary from state to state but generally prohibit the siezure of a primary residence by creditors.
Will Nevada state issue a drivers license to a person when their California drivers license is suspended for DUI?
Absolutely not. The upper 50 states all run off of the same system. If your license is suspended in the state of your primary residence, you cannot get a drivers license in any other state until your status in your primary state changes. This even applies if you change your state of residence.
How do you insure your car if you work half the year in another state?
I would think it is based on your primary residence. That is how it works in MA
Do you need a new drivers license when visiting out of state for 6 months?
Not unless you're doing anything to establish residence in that state, such as getting a job or buying property.
How many acres can you homestead in Florida?
100 billion acres Not even close to accurate. Correct answer is up to one-half acre with a house that is your primary residence inside of a municipality, or up to 160 acres with a house that is your primary residence in an area of the state that is not a part of a municipality.
Arizona is a non-deficiency state does this apply to mortgages?
Absolutely!!! That is the only type of loan that it applies too and it must be primary residence.
Does it pay to become a Florida resident when buying a home?
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
How long after move to Tennessee before I am required to change over driver's license?
IIRC, within 30 days of having established residence in that state (ownership of property which serves as a primary residence or employment).
