How long do i have live in a house hack.

Question

hey guys

I have purchased a duplex with a conventional loan through a bank, 5% down, owner occupant. i will be renting it out the other suite. How long do i have to live there before i could rent out both suites. i have read the mortgage agreement and doesn't mention anything regarding this topic.

Zack Karp · Answer

@Alex Na the Mortgage that you signed at closing for any Conventional primary states that you have to occupy the property within 60 days of closing and for at least 1 year.

Paul Wachtler · Answer

Hi Alex,

I'd recommend speaking directly with your mortgage broker to see if there are any stipulations against you moving out and renting the unit you're currently occupying.  If you used a conventional loan then it's not as likely for there to be anything preventing you.  If you used an FHA or VA loan then there might be other considerations.  This article has a quick overview of each loan type, but again you'll want to speak directly with your mortgage broker.  In fact they'll probably be happy to work with you on a mortgage for your next property!https://www.bankrate.com/finance/mortgages/how-to-finance-a-duplex-or-multi-unit-home.aspx

Best,

Paul