Posted by Kevin on July 07, 2003 at 18:33:23:
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Converting A Primary Residence To Rental Property - Posted by Kevin
Posted by Kevin on July 04, 2003 at 06:01:12:
I’m in the process of purchasing a house and have it listed as my primary residence on the mortgage application.I’m thinking about converting it to rental property down the road and I’d like to to know if any problems could result from doing this.Thank you for your help.
Kevin
Depends on the Mortgage - Posted by Frank Chin
Posted by Frank Chin on July 05, 2003 at 06:32:56:
Hi Kevin:
You have to read the doucments that comes with the mortgage, or ask when obtaining the mortgage.
With conventional mortgages that I have, it requires me to live there for at least 6 months. Then I can move on.
Other Government assisted mortgages, such as first time home buyer programs, etc, requires the homeowner to obtain written permission from the agency involved.
They don’t say whether they’ll approve of it, so you’ll have to ask. I’m sure some sneaky folks rent the place out without asking.
In other words, there’s no one answer.
Frank Chin