Principal Residence Properties

A principal residence is a property that the borrower occupies as their primary residence. The following table describes conditions under which Homium considers a residence to be a principal residence

Borrower Types	Requirements for Owner Occupancy
Multiple borrowers	Only one borrower must occupy and take title to the property, except as otherwise required for mortgages that have guarantors or co-signers
Military service members	A military service member borrower currently on active duty and temporarily absent from their principal residence because of military service is considered to be an owner occupant. Originators must verify the borrower's temporary absence from the subject property by obtaining a copy of the borrower's military orders. The military orders must evidence the borrower will be absent from the subject property as of the date the owner occupancy must be established as required by the security instrument.