Rental backed by USDA Loan: Impossible?
Hello everyone, first of all i want to apologize for the unprofesional and incomplete profile. I'm brand new to bigger pockets altogether and registered an account in a hurry. I promise, im more handsome than the black dot that my picture displays. Anyway, here's my urgent dilemma: my wife and i seized an opportunity to move out of our primary residence, and into my in-laws while they will be gone for a few months. Our plan was to rent out our house and save some money quickly because our in-laws will be charging us next to nothing. It's a win win honestly. Well, as of yesterday, all of our stuff is moved, but as of today everything feel apart. Here's what i mean. I was informed today by our lender (after i called and asked) that our loan has a "bond" on it which means that it cannot be rented out. I did some reading up and came to the conclusion that the reason for this is that its a USDA loan. So, i looked into our paperwork, and the only thing i could find in the Note that was even remotely close to this issue, is just a statement that said that we(the owner) must occupy the residence for 1 year. Well, we've fulfilled that. .is it safe to assume that since there are no written stipulations in the Note about renting the house out, that it is acceptable? Please help!!!