A housing unit is owner occupied if the owner or co-owner lives in the unit even if it is mortgaged or not fully paid for The owner or co-owner must live in the unit and usually is the first person listed on the questionnaire in the list of persons living in the household The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement The unit is also considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit Mobile homes occupied by owners with installment loan balances are also included in this category
A property in which the owner is also the resident of the property P Per Diem Interest Interest that is charged on a daily basis
A residence is considered owner occupied if it becomes the borrowers principal/primary residence within 60 days of closing and the borrowers continue to occupy the property for at least one year