is needed to quantify the risks associated with the loan especially considering that typically lenders charge a higher interest rate for vacation/second/investment homes along with a typically larger percentage for downpayment.
It would not be my decision to make. The lender is assuming the risk of providing the funds for the purchase of the property as well as being cognizant of the ownership/occupancy dynamics.
As such, I would defer to the LO/lender and suggest (as you did Yoli) that the BOs reach out to their LO for clarification and confirmation regarding the choice selection to ensure compliance for their selection on the Occupancy Statement.
Best wishes for success to all.  |
