Primary Residence


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Primary Residence

The house in which the borrower will live most of the time, as distinct from a second home or an investor property that will be rented.

References in periodicals archive ?
Other property assets, excluding the primary residence, must also not exceed e1/4250,000.
Along with residents of the 12 counties named in the presidential major disaster declaration for tornado and storm damage April 28 through May 3, they may be eligible for federal help to repair or replace their primary residence.
Senior Circuit Breaker Information Session Residents who pay property tax on their primary residence in Massachusetts or pay rent to a landlord for their primary residence in Mass.
Furthermore, over the past quarter, the amount outstanding on primary residence loans that are nonperforming has risen 4.
Edwards focused on one of the key perquisites for succession under the rent laws: the family member must prove that she has co-resided with the tenant in the apartment as their primary residence for at least two years immediately prior to the tenant permanently vacating.
The Rule adopts the same primary residence exclusion used in the recently amended definition for an "accredited investor" under Regulation D.
But while an appellate court ruled in 2008 that the son could stay because he, reportedly, used the home as his primary residence after his parents' 1994 divorce, another judge is crying foul.
According to the IRS Website, a first-time homebuyer is anyone who has not owned a primary residence in the three years before the home purchase.
Before the passage of this most recent legislation, taxpayers who concurrently owned one or more residences and who, at some point in the future, intended to convert a home other than their existing primary residence into their primary residence had the opportunity to exclude $250,000/$500,000 of gain from income on the ultimate disposition of these residences, provided that the ownership and use time requirements of Sec.
The drop in investment homes was much greater than the decline in primary residence sales, according to outgoing NAR Chief Economist David Lereah.
Then they should make their vacation home their primary residence and live there for two years.
Eligibility for estates, heirs and qualified revocable trusts to exclude gain from the sale of a primary residence, applicable to estates of decedents dying after 2009.