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 ?
The Manufactured Housing Consensus Committee (MHCC) recommended that HUD define a recreational vehicle as one built on a vehicular structure, not certified as a manufactured home, designed only for recreational use and not as a primary residence or for permanent occupancy, and built and certified in accordance with either the National Fire Protection Association (NFPA) or American National Standards Institute (ANSI) consensus standards for recreational vehicles.
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.
However, to be eligible for the abatement, the unit must be the primary residence of the unit owner.
Furthermore, over the past quarter, the amount outstanding on primary residence loans that are nonperforming has risen 4.
The number of US households with a net worth of $1 million or more, not including primary residence (NIPR), continues to rebound along with the stock markets, rising by 200,000 to 8.
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 typical vacation-home buyer in 2007 was 46 years old, had a median household income of $99,100 and purchased a property that was a median of 287 miles from his or her primary residence, said NAR.
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.
The loans are interest-free and will be forgiven over a five-year period for employees who continue to work for the city and occupy the home as their primary residence.