do you own any property now? If you believe that you may be living in the home, and you do not own any other property, you can do so. You certify to the bank that your intention is to move in, if for some reason it's not possible, such is life...pay your mortgage on time anyway.
What a previous soul said about future buyers won't be an issue, since the existing loan criteria is only between you, your loan officer and the bank...and most banks won't do a cashout refinance, or use a higher property value if the home was sold less than 6 months to a year prior. they want to make sure the value is really there, you may have to show proof of work done to support any higher value...
It would be a problem if you already own a home, unless the one you are buying is better or in a better area, etc.
UPDATE IN RESPONSE:
You will have some difficulty even qualifying for a primary residence loan since you own a nicer home now...it would certainly need to make sense to an underwriter, and you'll have to get a rental or mortgage history for your current residence. There are 100% investment property loans....and if you're in California, I could help you. They aren't the greatest rates, but you can still get them done if your credit is ok.
i do loans.