Updated over 8 years ago on . Most recent reply
Renting Out Primary Residence
Two months ago, I closed on a triplex using a 20% down conventional home mortgage. I had intended to live there, but I came to realize that my commute to work wasn't feasible. Also, the perfect alternative living situation arose, so I moved. I now am in breach of my agreement to live at the property for one year. I am unable to leave my unit of the investment property vacant, so I need to rent it out. So far, the lender has not checked if I am living at the property or not (it has only been two months). Does anyone have experience with this type of situation?
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Banks are more concerned if they are getting their money every month, more then technical stuff like do you live there, but if they don't get there money they will come knocking lol