I do not own any property anywhere. I want to buy a home in KY, my legal state of residence and the place I intend to retire to in 2 years. How can I be denied a primary residence loan when the military dictates where I live? What law does the lending institution use to deny my loan? Is there nothing anywhere that allows me the right to a primary residence loan while stationed elsewhere based on the fact that I am in the military?
What, if any law does the lending institution use to deny my loan?
I think you might be looking at this backwards. Are you saying that the bank will not offer you the same mortgage rate they offer to homeowners that will reside in the mortgaged house? If so, then what law says they have to offer you this rate?
In all likelyhood it is the guideline regarding income. In order to qualify you for the loan you will have to be able to show that your income will likely continue for at least the next 3 years. Since you are retiring in 2 years your debt to income ratio will have to be calculated using your anticipated retirement amount. Also, you will have to show that you will somehow occupy the property as your primary residence between now and then.
