Claiming Primary Residence for HELOC - Unique Situation

[Robert K.]

I have owned my home for 2.5 years. I have lived in it the entire time. My job/W2s, driver's license, insurance - everything still points to this home.

I recently temporarily moved in with my parents, and am set to have tenants rent my house out a week from now for at least the next year. I have not signed a lease anywhere, and plan to do a digital nomad lifestyle, so I won't have another primary residence for the foreseeable future. Mail forwarding goes to my parent's address.

I am trying to get a HELOC, but I haven't found any lenders willing consider it for an investment property. The only allowable circumstance is for my primary residency.

Can I still claim my house as my primary residency, even if I have tenants set to move into it? I have lived in it this entire year, and don't plan on living anywhere else longer than the time I spent at that house. All my information points to that address.

I really want to tap into the equity of that house, but don't want to commit mortgage fraud or go to jail. Had I done this process a month ago, I'd be fine. Any advice is welcome!!

[Alfonso J.]

Hi @Robert K.,

What state is your property located?