Posted by Joe Scavetta on July 18, 2004 at 23:55:46:
But if you have lived in the home for a year, it can be rented without violating the terms of your loan application?
How can I rent out a primary residence - Posted by Domini
Posted by Domini on May 31, 2004 at 22:17:26:
I need help!!! I just bought my first investment property but I indicated that it will be my primary residence. it’s the first property that i ever purchased. It was a fixer upper and i’m done with all the work that need to be done on the property. Now i’m ready to rent it out however, i’m not sure what will be the consequences of doing so because i declared it as a primary residence. Please advice on what to do. Thank you
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Re: How can I rent out a primary residence - Posted by dee
Posted by dee on June 04, 2004 at 21:22:27:
Just curious, could he then rent it out to a family member for the first year? I agree though, its ALWAYS best to be honest upfront, it will save you $$ in the long run, and you’ll have that banks TRUST for the future!! Blessings Dee
Re: How can I rent out a primary residence - Posted by sptk
Posted by sptk on June 01, 2004 at 09:38:44:
The easy thing. Live there for a year. You have basically the same problem as the “subject to” guys. They have lots of creative solutions. Direct problem. You have to change your insurance from owner occupied to non owner occupied. Easy enough. The insurance company will notify the lender of the change in policy. Uh, oh. The lender may have given you a lower rate because owner occupied is lower risk. They may not be thrilled that the loan is on non owner occupied. Worst case, they may say the loan is in default and call the loan due in full now. Meaning you have to get new financing. There is that awkward moment when you say you lost your previous financing because you lied to your previous lender. Hope you are full of charm. Then again the lender may just say “oh, well” and ignore it.
Don’t ever do this again 
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Re: How can I rent out a primary residence - Posted by domini
Posted by domini on June 08, 2004 at 16:58:09:
Guys, it’s ok!!!Thanks for the positive and negative feedback but it still didn’t stop from renting it out anyways. What I did was called my mortgage company to ask them their permission if i can rent the property out becaus there has been a change in plan and they agreed. Now i’m closing on the another propety and i declased it as a primary but I ask the lender first if i can rent it out and they said it will be ok. So please, the lesson here is don’t let anything stop you. Ask question and the worst they can say or do is not answer you or say “no”. Once again, thank you guys. Good Luck to everyone!!!
Re: How can I rent out a primary residence - Posted by River City
Posted by River City on June 07, 2004 at 09:44:14:
Renting it out is renting it out, no matter to whom it is rented. You can call a skunk a dog, but it still stinks. He obtained an owner occupied loan, not an investor loan.
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Re: How can I rent out a primary residence - Posted by Pat Gilbaugh
Posted by Pat Gilbaugh on July 15, 2004 at 11:45:59:
I just completed a lease purchase on my primary property. I believe the law is that I can rent it out for 2 years, but if I go over that, it will then fall in to a rental category (another tax bracket) and I’ll have to pay Capital gains. Does anyone know where to find this information or have the answers?
Re: How can I rent out a primary residence - Posted by River City
Posted by River City on June 02, 2004 at 12:05:29:
I am a mortgage compliance officer and see this quite often. Believe me, lenders do not like being lied to. Most times they call the loan. I have never seen them back down. If they back down once, they have to back down for everyone, or they chance being hit with a discrimination suit.
You knew you were lying on the application, yet you did it anyway. You committed fraud. You should go back and read the 1010 language on the loan application and see what the civil repercussions are. These are in addition to the lender calling the loan.
I cannot with a clean conscience wish you good luck.
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