Just purchased a primary home. Conventional mortgage. Moving in within the next few days. Loan has a "owner must occupy..12 months..." in the note. I understand this to be mostly to prevent buying an investment property/rental with a owner occupied loan.

But...what about selling.

Intent was to live in house while I split the land and built a new home. I thought this would take at least 12 months but it now looks like my builder is going to move fast.

As I understand it I have two considerations.

The first is fraud. Is this "must occupy for 12 months" clause in the note restricting me from selling it before then, or is it just to limit me from renting it out.

The second is moral/reputation. The loan officer/bank who made the loan (and have already sold it) did so under the assumption that they will be making money on the deal. I'm guessing if they knew that I would sell in a few months that they wouldn't have made it or perhaps done so under different rates/fees.

I reached out to a lawyer to answer the first question. Although if anyone here has good knowledge of that id like to hear it.

For the second. Are there any loan officers here? I have been told by my agent that holding the mortgage for at least 6 months would make the the loan officer happy. Otherwise loan officer/bank might be charged fees by the bank they sold the mortgage to. But I think he doesn't know for sure.

I am hesitant to ask the loan officer directly.

Thoughts?