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Updated over 6 years ago on . Most recent reply

User Stats

41
Posts
7
Votes
Cisco Hood
  • Rental Property Investor
  • Phoenix, AZ
7
Votes |
41
Posts

Why is my lender saying im supposed to occupy for 2 yrs

Cisco Hood
  • Rental Property Investor
  • Phoenix, AZ
Posted
Hey bp! I talked to the lender who I got me my 5% down Owner occupy conventional loan and he is under the impression that I need to occupy the home for 2years before I can rent the property. After our conversation I looked over all of my loan docs a few times and couldn't find anything stating I have to live in the property for 2years. I did find the section in my docs that states I would need to occupy for 1year. So is it 1 yr or 2 yrs? What do you think is going on here?

Most Popular Reply

User Stats

569
Posts
264
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Michele B.
  • Vandalia, MI
264
Votes |
569
Posts
Michele B.
  • Vandalia, MI
Replied

Two years occupancy is about selling and not having to pay capital gains taxes.  Two different things entirely. 

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