Future Homestead Now a Rental—Financing??
My wife and I are building a new home as we have a baby on the way. My current plan is to rent out our current home once the new one is done.
With all the delays in building due to weather and Covid, it no longer looks like we will be able to move into the new build before baby is born.We will need to stay put in our current home(the one I was planning to rent out).
So my question is:
We still want to build the new house (about halfway done). We have already put Ernest money down as well as been approved by lender. If we are now planning to use the new build as a rental do we need to disclose that to our lender? If so, will we need to start the approval process over??
Thanks for your input!