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Need to move, less than a year in property.

I need to get out of the state to take care of an ill family member. I am looking to rent out the home so we can keep the property while we are gone. I don't want to get into trouble with the lender, however Is there a way around this situation? by lance.w237 from Springfield, New Hampshire. Oct 20th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Typically, so long as 1 year has passed, then you should be able to rent it out without any problems at all.. however, if you've had this mortgage for less than 1 year, then you still shouldn't have a problem since you have a legitimate reason for exiting the property inside of 1 year. It all goes to intent.. and this has been abused in the past.. borrowers stated they were buying a primary residence vs. an investment property because the loan terms are much more favorable for owner occupied properties vs. investment.. but then after closing, they rented the property out immediately.. this is loan fraud, but no one really followed up.. but now they do.. You can contact your lender a head of time and let them know you have to move from the property, but again, with a legitimate reason, you shouldn't have a problem. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Oct 20th 2016
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,046 contributions

No... You'll be fine. When you buy as house as 'owner-occupied', get better deals and lower down payment requirements than someone buying an investment house. So people always try cheat the system by saying the rental house they are buying is really a primary house. So when you buy as owner-occupied, you sign paperwork at closing saying you'll owner-occupy the house for at least the first year. But, the mortgage world knows and understand things exactly like your situation happen. If anything does by chance come up, it is all about 'intent'. Did you know about this when you signed the loan, or did it come up afterward? If it is after the fact, you had no intent to defraud, and you'll be just fine.

Oct 21st 2016
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