Owner Occupied - Borrower intends to occupy the subject property at least 6 months out of the year.
Second Home - Borrower intends to occupy the subject property for less than 6 months out of the year. The property must be located a "resonable distance" from the individuals primary residence, typically at least 50 miles. Otherwise, it must be treated as an investment property.
Investment - Borrower will not occupy the subject property. Borrower intends to use subject property for investment purposes via rental income.
