A second home opportunity allows for basically the same rate and term options as a primary residence which are much better than those offered on NOO’s.
Deeze,
When I bought my current residence, I had not sold my previous residence. Since I had rental properties and my new residence was within a few miles of the old residence, the mortgage company specifically asked me if was buying another rental property. I had to write them a letter explaining why I was moving without having sold the previous property. Also I ran up against the “must move in within 30 days” clause because I needed to do some rehab. It was actually about 60 days before I moved in, but I did not have any problems other thatn the questions.
My suggestion would be just to explain the situation to your mortgage company and if they do not like the deal, find another mortgage company.
Wilson