Buying primary residence..but husband may relocate job and plan B to rent
Hello all,
We put a hold deposit for a new primary residence condo unit that is being built. Closing has been delayed almost a year already due to construction issues, with now a closing date of June. We are doing conventional bank loan with 20% down.
We still want to move ahead with the purchase despite the delay. We found out earlier this year that my husband MAY potentially be required to move office location that is not within reasonable commuting distance of this primary residence. We can't confirm my husband's relocation as he is working for oil and gas and the industry is in a bit of a flux right now.
We intend to live in the condo but if he does relocate, which we will not find out before June, we need to move and plan to rent the unit. We can provide the paperwork from the office requesting him to relocate. This may be less than a year before we have lived there. Is this ok? Want to make sure we don't commit mortgage fraud.
Thanks all for your help.