Is it possible to get a first time home buyers loan and then still use the property for renting?
Your standard owner occupancy promise is that you will live there. And you will sign this promise before a notary public who will take your finger prints to boot.
Your standard owner occupancy promise does NOT include that you won't rent out extra space...
Chris is there not typically a time frame of when the property can be rented out? Lets say maybe after 1 or 2 years of living there the property can then be rented?
@Lee Castro people purchase owner occupied properties all the time and they end up renting them, some after a year some from the beginning. Of course that's not what a lender wants to hear... reason why a lender will not close on 2 owner occupied purchases within 12 mo for same buyer, but you can close with other lender as long as the first purchase is not FHA.