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2nd primary home, while family lives in 1st home.

So my brother, mom, and dad all live in the same home that I had bought that’s under my name. My family is growing and would like to buy another home in same city. My lender is saying that the 2nd home will be classified as investment property because home is less than 50 miles away. My parents are old and are on SSI. Currently the home we live in has equity of approx 200k. I have 20 percent down on the other home I want to purchase.

I don’t plan on renting to them as my current mortgage is affordable. I’ll be able to afford both mortgages. I honestly do plan on having the second home as our primary for my spouse and kids. My question is how do I get the lower rate. Currently, primary 30 year fixed is 6%. 2nd/vacation is 6.75%. That’s all most 200$ in difference I can save.

submitted by /u/fccsrn2018
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source https://www.reddit.com/r/RealEstate/comments/1mx259z/2nd_primary_home_while_family_lives_in_1st_home/
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