Posted by Frank Chin on October 21, 2009 at 18:56:44:
I purchase primarily 1-3 family homes, including the one I live in, and the 1-4 family rider is required and signed for every one of the properties I purchased.
This is because for owner occupied properties, while the mortgage requires me to move in within 60 days, and in my case promise to stay for 18 months, it does not prohibit the owner to eventually move on to a larger or smaller house, or relocate, and find himself renting out the former owner occupied SFH.
Indeed, I moved out of my home, into a larger one, and rented out the place that was originally owner occupied.