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.
*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.
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:
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.
If you are buying a primary residence, you may be eligible for a multitude of financial and tax benefits. A primary residential mortgage provides:
Gift funds may also be used when applying for a primary home residence loan if eligible.
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.
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.
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.
You’ll be asked to provide the following information when applying for a primary home loan:
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.
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!
