When can I rent out my owner occupied house?

[Vee Vu]

I’ve been talking to a few lenders about how many months I have to actually stay at my house, before I can rent it out. And get another owner occupied mortgage for another new house. But I’ve been receiving different answers: 12 months, 6 months, 0 month, etc. Please help me with this simple question. Thank you!

[Blake Dailey]

For most agency owner occupied loans like FHA and VA loans you have to PLAN to stay in the house for 365 days. After that you are free to get another owner occupied loan. The plan portion is a loose term though. Things can change - life circumstances, baby, new job, etc. that can make an exception to the rule. At closing on these loans you sign a document (one of the many) that states that you plan on making the home your primary residence for a year. If you get this kind of loan with the intention of renting the house out and immediately do you are technically committing mortgage fraud. But if you move into the house and make it your primary residence and then, say, 8 months later you get a new job in a different town you are allowed to rent the home. I would just caution you to be careful and have the discussion with your lender if you find yourself wanting to rent your home before the year mark. I say that just so you have all the information! My wife and I plan on purchasing another house hack this summer once we reach our year point.