Background:
My parent are have found a second home in SC (we resided in NC right now) that they plan to use as a full time home in the future. At this point they have 2 years left on their current mortgage but they can afford a second home financially each month. The home they found is a great short sale deal at under 100K with only maybe 20K in renovations (new flooring, popcorn ceiling, paint etc). My father is a disabled veteran who actually works for the VA administration on the health care side of things so there may at some point be an opportunity for him to transfer down to SC and my mother plans on retiring in NC (teacher) and then start teaching in SC to add additional income. This would all happen within the next year but they do not want to loose out on the great deal on the home. Until the retirement/transfer of both my parents would happen we would spend every weekend down in the condo, all vacation weeks and the summer. So we would almost be living in each dwelling half of the year. We do not plan on renting either property out, seeing as we afford both, but this is what I am seeing in all of the previous questions. I actually have 2 questions:
1: Which loan would you suggest for doing this? My father does not want to put a big down payment down because he wants as much flexibility in the renovations budget as possible
2: How would they verify residency if we reside in each dwelling part time? Remember we have the intent on moving in full time.
Added (1). According to (http://www.nolo.com/legal-encyclopedia/what-the-difference-between-investment-property-second-home.html) there is a distinct difference between a second home and an investment home
Read more: Second Property FHA 203K or VA? Verify Residency?
