A primary residence is defined as the home where an individual spends the majority of their time. It can be an apartment, condo, or townhome, and it must be near the person's place of employment. Qualifying as a primary residence allows access to government-backed loans with favorable mortgage rates and varying tax implications. Lenders rely on IRS standards to verify the primary residence status, which includes spending the majority of time there and having official documents reflecting that address. This classification significantly influences loan terms and conditions.
Your primary residence qualifies for certain government-backed loans and has different tax implications compared to a second home or vacation home, making it important for homeowners to understand.
According to the IRS, your primary residence is where you spend the majority of your time, and it should be located near your place of employment, utilized as your legal address.
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