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Owner Occupied Loans

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Do you currently have an existing house and lot that you want to renovate? Or do you have a house with a portion of empty land and you want to build or construct a new property on it?

If yes, then what you need are owner-occupied loans! Owner-occupied loans are the types of loans that you would want to get if you are currently living on the house or the property.

But apart from that, there are also other forms of identifiers for these types of loans. Before we get into that, let us quickly get to know what an owner-occupied loan is.

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What Owner Occupied Loans Are

In a nutshell, we understand that owner-occupied loans are loans in which the borrower is expected to live in or reside at the property in question. More often than not, the borrower must be living in the home for at least twelve (12) months or one (1) whole year.

Unlike regular investment loans like mortgages, owner-occupied loans generally have lower interest rates and penalties. Why? – Because the bank or the financing institution knows where to look for the borrower in case things don’t go as planned – they’ll just be at their home!

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Qualifying For Owner Occupied Loans

Is it enough for the borrower to live or reside on a said property? Or are there other factors or requirements in order to be qualified for this type of loan?

Here are some of the eligibility requirements in order for a borrower to be qualified for the said loan:

  • Should be residing in the property for at least 70% of one (1) year
  • Must be honest in signing documents with the intention to live in the property
  • Must work within fifty (50) miles of the property; wherein the property in question should be suited to the immediate needs of the family (must be near where you work)
  • Should be in the property or home for at least twelve (12) months or one (1) year
  • Within 30 days or one (1) month of closing, the borrower should intend to move into the property

Those are just some of the general requirements in order for you to qualify for an owner-occupied loan. If these requirements seem to be a bit more than what you could handle, why should you settle to get an owner-occupied loan instead of just an investment loan or a mortgage?

Benefits and Advantages of Taking Out an Owner Occupied Loan

Many people want to apply for an owner-occupied loan – but what could the reason be? To help you understand this type of loan further, we’ll be detailing some of the pros and benefits of this type of loan over others. Without further ado, here are the things you can look forward to if you take out an owner-occupied loan.

For construction and renovation, you would generally be asked for a smaller down payment in taking out an owner-occupied loan. Moreover, you can expect lower interest rates in them, too!

Another benefit that you can get out of an owner-occupied loan is the fact that your mortgage interest and your property taxes are deductible. Meaning, if you are paying property tax and mortgage interests, you can declare your owner-occupied loan and have deductions based on what you’re paying for.

Homestead exemption is a legal act that applies to property taxes. Generally, it involves a specific percentage of the property not included in property taxes. The amount of homestead depends on the state as well as the person eligible for the exemption.

That being said, applying for an owner-occupied loan can make you qualified for this. These are just some of the most general pros of owner-occupied loans that you should never overlook.

Where to Get Owner Occupied Loans

The big question is – where should you get an owner-occupied loan? Would taking it from a bank be worth it? Furthermore, could the banks actually finance the amount that you’re asking for?

The beauty of owner-occupied loans is that most of the time, it’s flexible – especially if you take it out via a private lending company. And if we were to choose, going with the latter is better compared to going with a bank.

Here in Florida, we at Florida Commercial Real Estate Loan Group are considered as the go-to lender of both aspiring homeowners and commercial property investors. Due to our inflation-proof rates, we easily became the most sought after and the favorite of those who are looking to invest in real estate.

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Our Owner Occupied Loans

The owner-occupied loans that we offer here at Florida Commercial Real Estate Loan Group are deemed to have the most considerate repayment terms. We might not have lower interest rates than banks, but we can absolutely assure you that you’ll be getting the funding that you need in a jiffy.

We can even pre-approve your loan application in as fast as a few hours! Should you look to use it for business (if you’ll put it up for rent), we can set up a payment scheme that would befit whatever your proposed rates are!

We value your business and your well-being – and that’s one thing you wouldn’t be able to find elsewhere in the market!

Work With Us Today!

Wherever you are in the state – or even if you’re from neighboring cities and states – you can contact us and ask to be in one of our programs. In case you’re not sure where to start, our team here at Florida Commercial Real Estate Loan Group will be more than happy to assist you with it.

Contact us by dialing us or by sending us an email about the owner-occupied loans you need! Expect our response within a few hours from the time we confirm it!

We’ll even give you a free sample computation of the loan you are about to take, too!

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