The house which the borrower occupies or intends to occupy for the majority of the calendar year, as opposed to a second home or investor property.

• "Occupancy" is defined as occupying a property within 30 days of loan closing and remaining for at least one year.
• Lenders typically offer better terms and conditions for properties stated as primary residences, as history has shown that people will do more to manage and protect their primary residences over any second or investor/vacation properties they have.