Extenuating circumstance to rent out owner occupied property?

Question

I have a condo that I purchased in November. I used a 3% conventional loan. The problem now is that I work in construction and am currently working in Northern NJ. The commute home is 90+ minutes and is becoming a hassle.

Is this an extenuating circumstance to rent out my condo so I can move back closer to work? If so do I need to call my lender and get approval?

Josh Thompson · Answer

@Andrew Boettcher no I have not moved out. I’ve just heard of people being denied mortgages because of being suspected of fraud

Andrew B. · Answer

they cant call it due just because they are suspicious. as long as you are still living there, there should be no fear. unless of course, you already moved and this is not a "thought experiment" anymore.

Josh Thompson · Answer

@Andrew Boettcher my lender won’t be suspicious that I’m trying to break the contract just by asking right? I don’t want them to call my loan due if I ask about my situation.

Josh Thompson · Answer

@Ronny Tiburcio yes it does. 6 month minimum lease

Ronny Tiburcio · Answer

@Josh Thompson does your HOA allow people to rent their condo? And i agree with @Andrew Boettcher, i would consult with your lender.

Josh Thompson · Answer

@Andrew Boettcher got it thanks

Andrew B. · Answer

You would need to discuss this with your lender. I don't think there is a generally accepted list of exceptions anywhere.

Extenuating circumstance to rent out owner occupied property?

7 Replies