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What time frame qualifies a primary residence?

Two years ago we changed our primary residence to the house that had been our second home, thinking that we might want to sell it. We now want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] and want to make sure it's considered our primary residenec so we can cash out 80 percent of its value. Is there a time limit imposed? In otherwords, how long does your place have to be primary in order to refinance as primary?

Thanks!

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Two years is enough, however you have to prove it somehow.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if you've established residence somewhere, that means you'll also have a phone number attached to that residence, you'll likely have a car registered in that area, you'll have insurance for the home reflecting it as a personal residence. you do have a burden of proof, as eric noted, but it ought not to be an onerous task.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We got driver's licenses at the second home, voter registration and a PO box, and use this address for tax filing. My husband reminds me that it hasn't been quite two years -- more like 18 months. We just wonder if that's long enough for the bank. For tax purposes, you don't have to pay taxes if the home has been your primary residence for two years, and they pro-rate taxes up until that point so you still get a tax break.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

well, if i were the bank, it'd be long enough for me. it sure ought to be long enough for them too. what more could you possibly do to prove it to them?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We're hoping our mortgage banker says the same thing on Monday! Thanks to all for your responses. Now here's another question for you. Is there a formula used to determine how much you can cash out on a second home? We can take 80 percent out of our primary, just wondering if the rule is the same for second homes.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I guess it's all the same...you will be able to take out 80% cashout on your second home.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

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