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Updated over 5 years ago,
Primary Home Financing
Hi all,
Are you required to stay in a home for x amount of time and or are there any drawbacks to paying off a mortgage for a primary residence after a few months?
I financed a home with a primary home product, 30 year fixed, and originally planned to have it as a live in BRRRR over the year. However the rehab has gone faster than I planned, and after a few months, I am exploring the option of turning this home into a rental and moving into the next live in BRRRR/flip. Since I have this home financed as a primary home, I can't move out before a year correct?
Unless:
1) I pay off the loan, and if that is the case, is there any issue with doing that within 6 months?
2) Refinance, which I cannot do until the seasoning period is over
Anyone been through this before? Thanks.