[jaydub]

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Phi,

Have you asked him whether or not you need to indicate that you and your wife are owner occupants for the HELOC?

J

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I have not, but I will.

What does the owner/occupant status do in terms of the HELOC? or any other part of the deal?

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Changes the willingness of the lender to participate because historically default rates are far lower for owner occupied properties. Misrepresenting this status is one of the more common ways to defraud a lender.

J