Conventional loan says I must occupy for 1 year

[Nick Cooper]

I just closed today on my first property. We done a conventional 30 year loan and at closing there was a paper I had to sign that said I must have the home as my primary residence for 1 year. My wife and I are thinking of living in our RV full time and just renting the house out. Is there a way around this? What if I ‘technically’ keep this as my primary residence and just rent out the rest of the house? Or does the lender not really even care? The insurance is escrowed so they will be notified if I switch to landlord insurance. Or do I just tell them I don’t want to occupy it anymore and want to make it a rental is this possible or would that have to completely rewrite the loan?

Thanks in advance for any wisdom on this!

[Jacob Beg]

@Kevin Romines I don’t know the OP’s circumstances. One can think of uncountable unforeseeable circumstances which may give rise to genuine change of circumstances.  Losing a job, pay cut, getting unwell, divorce, job transfer and the rest. 

I don’t like to accuse anyone of fraud in a public forum. If the OP has a genuine explainable change of circumstances, he can disclose it to the lender and the lender can either recall the loan, consent or offer some other alternative. My point was that saying nothing is an option but the OP must be ready to bear the consequences or at least explain this change of intent so soon after the closing.