Rent while trying to sell, after living in home for 6 months?

Question

I bought a property last summer and purchased as an investment property. After fixing it up, we really liked it and decided to make this home our primary residence. We refinanced in January with a conventional loan as primary residence. We have been living there for roughly a year and 6 months since refinance. Recently road construction has started near the home and we are wanting to move due to our 3 year old and another coming later this year. Can we rent this home while we are trying to sell it? Do I need some kind of special permission from the lender? It will be really tough to pay two mortgages and as road work is going on, I would be surprised if it sells quickly.

Brie Schmidt · Answer

@Justin C Huggins - your loan typically has a 1 year occupancy requirement.

What type of property is it? Having a renter will limit your buyer pool if it is a prime owner occupied opportunity

Justin C Huggins · Answer

I wasn't planning on creating a lease term for the renters, they are from our church and really just need a place to rent for a couple months. I will have them sign a lease agreement, just no time basis and they are completely aware of me trying to sell. You do have a point, probably be harder to sell with renters though. I am just afraid no one will purchase right now anyways due to road construction. I do have another house in the process right now, and I do have reserves for the house were living in. Basically just wondering if you can get permission to rent from lender, since it has not been a year for owner occupancy? Might not rent either way, just really wanted to know if it was even an option.

Rent while trying to sell, after living in home for 6 months?

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