Primary residence loan rule for occupancy?

[Josh Wickboldt]

I am working with a lender and trying to pull some cash out of my primary home, which is a triplex that I house hack. I am deciding between cash out refinance and a HELOC. One lender tells my for their cash out refinance I do not need to live in a year after refinancing but another lender believes that person is mistaken because it's a primary residency loan. Just trying to get clarification if that rule is applied to all primary loans or just loans that go through Frannie Mae and Freddie Mac.

[Chris Mason]

Quote from @Josh Wickboldt:

I am working with a lender and trying to pull some cash out of my primary home, which is a triplex that I house hack. I am deciding between cash out refinance and a HELOC. One lender tells my for their cash out refinance I do not need to live in a year after refinancing but another lender believes that person is mistaken because it's a primary residency loan. Just trying to get clarification if that rule is applied to all primary loans or just loans that go through Frannie Mae and Freddie Mac.

https://singlefamily.fanniemae...

The paragraph you are looking for is paragraph 6, for both my state (California) and your state (Alaska). That's the document you will sign at the closing table, refi or purchase. Note that there's an extenuating circumstance clause, but if you're planning for it today then it's almost certainly not an "extenuating circumstance beyond [your] control." 

That's for the cash out refi.

For the HELOC, there is more variance, each bank/lender is doing their own thing. You may find that such a clause does not exist. You may also find that, after the HELOC lender is notified that you changed your homeowner's insurance to be a landlord policy, the HELOC is simply cut off entirely.