DEFINITION of 'Owner-Occupant'

A resident of a property who also holds the title to that property. In contrast, an absentee owner holds title to the property but does not live there. A landlord is a type of absentee owner.

BREAKING DOWN 'Owner-Occupant'

When applying for a mortgage or refinance, the lender will want to know if the borrower is going to be an owner occupant or an absentee owner. The application will usually say "The borrower intends to occupy the property as his/her primary residence", (or some variation thereof) when the borrower will be an owner-occupant. Some types of loans may only be available to owner-occupants and not to investors.

  1. Real Estate

    Land plus anything on it, including buildings and natural resources.
  2. Title

    The right to the ownership and possession of any item that may ...
  3. Property

    1. Anything over which a person or business has legal title. ...
  4. Landlord

    A real estate owner who rents or leases land or a building to ...
  5. Personal Property

    A type of property which, in its most general definition, can ...
  6. Deed

    A legal document that grants the bearer a right or privilege, ...
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  1. Do FHA loans have prepayment penalties?

    Unlike subprime mortgages issued by some conventional commercial lenders, Federal Housing Administration (FHA) loans do not ... Read Full Answer >>
  2. Can FHA loans be refinanced?

    Federal Housing Administration (FHA) loans can be refinanced in several ways. According to the U.S. Department of Housing ... Read Full Answer >>
  3. Can FHA loans be used for investment property?

    Federal Housing Administration (FHA) loans were created to promote homeownership. These loans have lower down payment requirements ... Read Full Answer >>
  4. Do FHA loans have private mortgage insurance (PMI)?

    he When you make a down payment from 3 to 20% of the value of your home and take out a Federal Housing Administration (FHA) ... Read Full Answer >>
  5. How many FHA loans can I have?

    Generally, the Federal Housing Administration (FHA) does not insure more than one mortgage per borrower. This is to prevent ... Read Full Answer >>
  6. Are FHA loans assumable?

    Loans insured by the Federal Housing Administration (FHA) on or after Dec. 15, 1989, are assumable by qualifying borrowers. ... Read Full Answer >>

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