Updated about 10 years ago on . Most recent reply
Converting investment property to primary residence
Currently, I own a primary residence, and by this July, I will fulfill OO requirements provided by my lender. (I bought the house last year of July) I bought my primary residence with conventional loan with 3.5% down with OO requirement.
I'm planning to buy another property around May/June of this year as a rental using 20% down conventional loan, hold on to the property for a month or two vacant, then move in, and turn it into primary residence. I will turn my previous primary residence into rental instead of selling.
Do you think I'm going to run into any legal issue by going with this route?
I just want to make sure that I'm comply with the lenders agreement on OO, and that it's okay to turn rental into primary residence.