Question about renting out with an owner occupied mortgage

[Joel A.]

I have been living in my current house for 9 years, about 5 months ago, I refinanced the loan for a better interest rate. My company recently moved to a different location and I would like to rent out my current home and purchase a new home. I would be purchasing the new home as Owner occupied while leaving my current mortgage the same and with the rates so low, i want to bite on it now!!

My understanding is that I must live in the house for up to 1 year unless there are special circumstances and even then you must still notify the lender. I have done a lot of research on this and i see there are generally 2 responses for this scenario:

1) just do it, as long as the lender gets thier monthly payment and on time, they wont care.

2) dont do it as it will break the contract and the lender can call the loan due.

Obviously I dont want the loan called due but I prefer option 1.

I know there are probably a ton of you on this site who have been in a similar situation and have pulled the trigger on option 1.

Has anyone ever had any problems with the lender actually calling the note due on you? My biggest concern really is when the insurance policy changes to landlord insurance that it may cause a red flag.

Am curious to hear your thoughts on this. My lender is Wells Fargo

Thanks