For residential property, you can put very low down payment, 5%, 10%. It's much better deal than investment property (20%+), but the criteria is to live there. If you work remotely, can you move to the place you want to buy house and apply the residential mortgage?
Your work address is not your primary address. You can get a mortgage as long as you tell the bank it's your primary home.
If you don’t move into the home within a 60 days of the closing date then it does not considered as a primary home. If your working remotely and want to buy a home, consider buying a 2nd home/vacation home. The guideline and criteria is the same and primary resident.
Wow thanks. That's a good news. I have never heard it. Can I still rent out the 2nd/vocation home?
Yes you can, vacation home doesn’t requires you to stay there all year round.
If you’re saying you wanna call it a “primary” when it’s actually an “investment,” yes, you probably can get away with it, BUT if something smells fishy to an underwriter (like not ending a lease/selling your current home, or just overall purchase reason doesn’t make sense) they might flag and investigate it which could get you in alot of trouble. Good luck!!!
Where you can pay 5%?
Down payment. FHA loan or convention loan.