House Hacking Questions

[Nathan Eiland]

I was thinking about this idea and wondering If there is a way to Hack without actually living at the property.  Let's say, you say you will be living at the property but, a month or two in you decide never mind.  I like my other house (that's not rented yet).  You continue to live at the house you originally owned.  The loan has already gone through so you get the house hack + the rent for the space you would have lived. Is there any reason a person couldn't do this?  Up sides? Down sides?  Hope that make sense. Any thoughts are appreciated.

[Joe Splitrock]

Originally posted by @Nathan Eiland:

I was thinking about this idea and wondering If there is a way to Hack without actually living at the property.  Let's say, you say you will be living at the property but, a month or two in you decide never mind.  I like my other house (that's not rented yet).  You continue to live at the house you originally owned.  The loan has already gone through so you get the house hack + the rent for the space you would have lived. Is there any reason a person couldn't do this?  Up sides? Down sides?  Hope that make sense. Any thoughts are appreciated.

 @ Nathan Eiland what you are describing is not house hacking, it is just buying an investment property. If your hinting at lying about owner occupying as a way to get a better interest rate or lower down payment, that is mortgage fraud. The down side is that you would have to lie on your mortgage application and commit mortgage fraud. Most standard mortgages have occupancy requirements and continuing to live in your old house would be pretty obvious. The fact that you just described your plan on the internet means you can't say you "decided never mind" because you premeditated the scheme.