What IS the definition of "owner occupied"? I was informed today that it does NOT necessarily have anything to do with whether the owner resides there, or not. This is contrary to everything I've ever known about owner occupied property...HELP!!!!

I always thought it meant "did you live there Mr. Owner."

Some regulations do have qualifications when looking at property such as will they spend 14 days a year there? That may qualify a vacation home as owner occupied.

Also, federal and state laws may vary.

I should have been more specific. This is in relation to call report codes.

This is a site for nonbankers Anon. Please post your questions in the Bankers Threads on www.bankersonline.com

That is the sister site and is the place for bankers asking questions of other bankers.