Owner occupied financing, but then renting it out?

[Esther Amaya]

Hi Everyone! 

I own a single family house that is currently rented out but will need to be refinanced by 2023. I’ve heard the advice from several places to live in it for a while (a year), then get owner occupied financing, then go back to renting it out. So.... is that “ok” from a banks perspective, or is it a hush hush type of thing? 🤫

Also, I’ve heard from one bank that I wouldn’t need to live in it a while before qualifying for owner occupied financing. According to this bank, I could apply for it same day I move in. Is the requirement to live in the house for a year just dependent on the bank? 

Thanks!