Turn primary residence into first rental
I have lived in my 3/2 1600sf house for almost 6 yrs. I refinanced over a year ago and my monthly payments are approx. $450 a month plus about $3500 in yearly taxes and HOA dues (it is in the Houston NW suburbs). It could rent for about $1200-$1350 a month.
I purchased the house to eventually rent out as it is a great size and in a great location. I'm curious as my refinance was with my Credit Union, and the loan has since been purchased by Fannie Mae (owner) w/ the Credit Union managing it, per a letter I received. Can I rent the house as it'll no longer be my primary res.??? I reviewed the contract and have fulfilled the 1yr requirement. Is it common for contracts to have a clause while there's a loan it must remain ones primary res??? There's one paragraph that I've read that appears to say that but as I'm not a real estate attorney I could (& prob am) be mistaken. Just curious of people's thoughts and experiences with this type of situation.
Thnx!
Drew