Hello, I purchased a duplex in Oakland, California and I claimed owner occupy on my loan. I occupied a unit for almost 1 year and I'm getting ready to move out. If I move out will I ever be able to refinance my loan, if I technically don't occupy? If I don't occupy the rental will my loan terms change? Will my loan be converted to non-owner occupy?
Thanks in advance!
You need to live there a year, unless you had move more than 50 miles for new work, etc.
You can Not refinance later as an owner occupied if you don’t live there.
If you move out after the one year your will Not change, no need to refinance, all is good.
....your loan will not change....
interest rates are going up, you probably don't want to refi if you've been there a year. Plus closing costs and lower LTVs will likely zap any capital you can pull out.