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Primary Residence

   Also found in: Wikipedia 0.01 sec.
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.



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But if you''re struggling to come up with the required deposit, you have the option of leveraging the equity of your primary residence.
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.
The borrower owns three properties, including a primary residence in Nassau County, a New York City condo, and home in the Hamptons--none of which had associated mortgages.
 
 
 
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