What is an owner-occupied home?

Answer 1

An owner-occupied home is a residential property that is owned and lived in by the person who holds the title to the property. In other words, the owner uses the property as their primary residence, rather than renting it out to tenants or using it solely as an investment.

Key Features of an Owner-Occupied Home:

The owner physically resides in the home.

Often qualifies for lower mortgage rates and better loan terms.

May be eligible for tax benefits, such as mortgage interest deductions.

Typically viewed more favorably by lenders compared to investment properties.

Examples:

A person buys a house and lives in it full-time – that’s an owner-occupied home.

If they buy a second property and rent it out, that second one is considered a non-owner-occupied or investment property.

Answer 2

Owner-occupied Home

An owner-occupied home is one in which the owners are living.