Security deposit Transfer with Residential Mortgage

[Tyler Stone]

Hi All,

I am under contract to purchase a single family home in Rhode Island that was supposed to serve as my residence. The P&S states that the seller will deliver the property to me free and clear of tenants. I'll save you the gory details but I need to assume the property with the tenants in place. I am approved for a conventional residential mortgage and scheduled to close next week.

The landlord has collected 3 months worth of rent upfront as well as a security and cleaning deposit all totaling 12k

How am I able to receive the upfront rent and deposit without the mortgage company knowing that the property is currently an investment property?

Thanks

[Tyler Stone]

@Anthony Thompson you hit the nail on the head. I would be occupying as soon as the tenants move out but that obviously hasn't occurred yet. 

Appreciate the feedback and opinion.