Primary SFH purchase but can't relocate now

[Guillermo Cervantes Rivas]

Hello BP'ers I'm in a tight dilemma. I recently purchased a new primary home to move into, my company originally was willing to relocate me. The transaction took a very long time due to seller not finding a replacement home and now I'm unable to relocate for at least 12months. My question is, can I put the property up for rent? Once I'm able to relocate I would move back in to our house even if it means 4 hour round trip commutes until my tenant moves out once the terms expire. Any guidance on this is greatly appreciated!

[Nathan Gesner]

It depends on the type of loan. Some loans forbid using the home as a rental. However, they typically have exceptions based on the circumstances. I would contact the lender and pose the situation to them to see what your options are.