Owner Occupied Loan Question

[David Howarth]

I am trying to get a loan for a rental property but I dont have 20% to put down. The bank said they give me a loan if I buy a home that I will occupy, I asked if I could move in then move back out, they laughed but said yes I could. I would have to have home owners insurance, not renters insurance.

My question is, what are the requirements to this, is there a length of time I must occupy the home? Will the insurance company change the policy into renters after that time frame?

How does this process work?