What happens if I rent out the house I claimed to be my primary residence?

[Anup Dhakal]

Taking out conventional loan with 5% down for my second house claiming it will be my primary residence. I have all intention to move to that house after closing, but I am just wondering what happens if I just remained in my current residence and rent out the new house.

Who is responsible to keep track of whether I am really living in the new house?

Thanks!

[Eliott Elias]

There is no spy that’s going to make sure you’re living in the house. You are going against what you signed in the loan documents if you don’t live in it. You run that risk.