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Primary Residence Loans

A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage. You have some options when it comes to primary residence loans and Supreme Lending is here to help. If you’re ready to start building equity and become a homeowner, contact us today to get started with a primary home loan.


  • All interest on the mortgage may be tax deductible*
  • Establishes credit history
  • Secured investment
  • Builds equity
  • Can be used to borrow against
  • Gift funds are allowed

*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

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NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 ( 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.

Choosing a Primary Home Loan

If you are buying a home, it’s important to know what type of loan you need. There are various types of loans available, including:

  • Primary home residence loans
  • Vacation home loans
  • Investment property loans

If the property is where you live, you most likely will want a primary residential mortgage as it offers multiple advantages over other types of home loans.

Advantages of a Primary Home Loan

If you are buying a primary residence, you may be eligible for a multitude of financial and tax benefits. A primary residential mortgage provides:

  • Potentially lower interest rates
  • Possible lower down payment requirements
  • Tax deductible interest (always consult with a tax advisor to determine eligibility)
  • Flexible loan terms
  • The establishment of credit history
  • A secured investment
  • The ability to build equity
  • A source of collateral

Gift funds may also be used when applying for a primary home residence loan if eligible.

Other Frequently Asked Questions About Obtaining a Primary Residential Mortgage

You can find answers to popular questions about primary residence loans below. If you still have questions, head to our Frequently Asked Questions page or give us a call.

What Is a Primary Residence?

When buying or selling a home, the primary residence is the home a buyer plans to inhabit most of the time. It can be a single-family home, a duplex, a condo, or any other type of residential property!

For your home to qualify as your primary property for a primary residential mortgage, you must live there most of the time, and it must be a reasonable commuting distance from work unless you are a verified remote employee. You must occupy the home within 60 days once closing is finalized.

Can I Obtain a Primary Home Residence Loan for My Vacation Home?

Only one property can be classified as your primary residence. If you are married, both spouses must have the same primary residence. Second homes and investment properties do not qualify for a primary home loan.

How Can I Verify My Residence for a Primary Residential Mortgage?

You’ll be asked to provide the following information when applying for a primary home loan:

  • Tax Return – What address is listed on your federal tax returns?
  • U.S. Mail – Where does the U.S. Postal Service deliver your mail?
  • Personal ID – What address is on your Driver’s License or State ID card?
  • Voting Registration – Where are you registered to vote?
Can Primary Residence Loans Be Paid Off Early?

Yes, you can choose to pay off your primary residential mortgage before the term is up. Contact us for more information on paying off your primary home loan.

Supreme Lending Is Your Best Source for Primary Residence Loans

Whether buying your first home or downsizing after retiring, we are here for all your primary home loan needs. Our team of dedicated professionals does our best to make obtaining a primary home residence loan a great experience. Discover the Supreme Lending Dallas difference — start the primary home loan process today!

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