second vacation home under contract

[Bao-Chau Tran]

Hi,

our family is under contract for our second home in Tampa Florida today!

It is super exciting but daunting as well.

We are planning to move to Tampa in about 2 years or so. We purchased this as a home that we would love and so we got it under a second vacation home loan with 10% down. But because we cannot move there right away, we would want to rent it out the first two years but I don't know if we could do that under the 10% down payment as a second vacation home loan. 

The lender I talked to told me that I can rent it out later but just don't tell them on the application. But I worried that will be mortgage fraud. Is there a good way to get around this? Can I do part vacation rental for part of the year or can I do airbnb? 

The house I am buying is 3 bed/2 baths with an built in office and it has a pool. It is going for $285k in a good part of New Tampa, 1789 sq ft house with about 0.15 acre. 

We will be planning to rent out our primary residences when we move and so that will be our rental income.

Can you guys give me any advise on what I can do? Should I still get the second vacation home loan with 10% down? Or should I do an investment loan with 20% down?