Closing on our first SFH next week. The plan was to live in it for a year as owner occupants, then rent it out. (We wanted to do this to take advantage of the lower borrowing rates offered to owner occupants, plus we needed a place to live anyway so it was win/win!)
Anyway, what we weren't planning on was that my fiance was offered a job across the country with a pretty nice salary increase. So we may not be able to live in it for 1 year as planned and the terms of our loan will not allow us to rent it out until 1 year has passed.
Wondering if anyone has experience with this? We don't want the house to sit idle for a year. Is it perhaps possible to refinance this as a commercial loan so that we can rent it out?
Can you delay the closing until you are sure if you are moving ?
Zana - It's possible the seller would agree to that. Although would ideally not want to back out of the deal because it does make for a good rental.
Look at the loan again--most are based on intent at the time of purchase. Not an actual requirement to live there a year.
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