Can someone please explain primary residence to me? I don't understand how in trying to purchase my retirement home and maintaining a lease my final 6 months in the military forces me to have to place 15% down versus 5% down. I will live the majority of the time in the retirement home and maintain the leased home for duty and finishing up retirement process. All my stuff, mail, addresses, ect. will be in the new home which I will commute from. Just really frustrated with losing the ability to buy a home because of finishing out my service.
I am only looking at $100,000 for the mortgage. As I will be living in the country in lower DE this actually goes pretty far for what I need (only looking at 2 bedroom homes around 1200 sq.ft.). That is where my confusion comes in. Mortgage would be @ 675 a month at the full 100K with taxes, PMI, ect.
Thanks for the reply though.
So I finally got the answer. A two hour commute is considered outside of primary residenacy. So for those looking to buy your retirement home on the way out of the military, if it's two hours or more away you will have to wait to purchase closer to your retirement date which also means your retirement salary will be the basis for what you can afford or save to afford a 15% down payment + closing costs to purchase your "second" home. Just a heads up for planning purposes.