Primary Residence

Primary Residence

A Primary Residence is the residential property physically occupied by an owner as the principal home domicile, except as specifically stated in Section 4201.11 for active-duty military Borrowers. Among the criteria the Seller should consider in evaluating whether a property is a principal home domicile are the following: It is occupied by the owner for the major portion of the year. It is in a location relatively convenient to the owner's principal place of employment. It is the address of record for such activities as federal income tax reporting, voter registration, occupational licensing and similar functions. It possesses the physical characteristics to accommodate the owner's immediate dependent family. These characteristics are those traditional to both the owner and the neighborhood. The Borrower states an intention to occupy the property as a Primary Residence. Freddie Mac may, in its discretion, determine that a property is not a Primary Residence.