Correcting some mistakes

[Anthony Brock]

Hi Everyone, so I have a question and wanted to run it by the group to better understand what needs to be done in this circumstance. I'm fairly new to home investing, but my wife and I now own 2 properties in the same market and are hoping to add a third in the next year or so. Unfortunately, my ignorance led us to making a pretty big mistake - when purchasing our second home we had the intent on moving into it, however we never actually moved into the property that we purchased. Now the second property was bought and financed to be owner occupied, but ultimately it made more sense to turn this into a rental. Come to find out thats a big no no, and so I'm wanting to retroactively go back and make sure we're not exposed legally for doing anything incorrect. Any thoughts or notes on how we correct this? We've been in our original place for almost a year so we've owned this second place for about 11 months now. Any feedback or suggestions here would be really helpful since I want to avoid any legal issues and make sure we're in the clear!

[Alexander Felice]

Pretty sure the loan docs specifically ask if you're going to move into the residence. 

I don't think you'll get in trouble, but yeah that's mortgage fraud and I recommend against it. 

Safest bet might be to move in it for a year