Loan requires occupancy question

[Ryan Oneal]

We’re purchasing a home in a high demand area and we would like to rent it out on weekends every now and then. We plan on renting a small studio for ourselves to keep most of our belongings there and attempt to rent it out 2-3 times a month. Our loan requires occupancy during the first year though. Are we not allowed to occasionally rent it out due to this requirement?

[Nathan Gesner]

You need to contact your lender and ask them to clarify what it means to live in the home. If you live there Monday - Friday and rent it out on the weekends, that may work. Maybe you can rent it out a week at a time. Or maybe they don't even define it.

It's their mortgage and their rules so you need to ask them.