Owner Occupied Loan Requirements?

[Matt Saba]

Hi all,

I’m thinking of purchasing a 2 unit multifamily using an owner occupied loan. I understand that this requires me to stay in home for at least 1 year before renting.

Two questions:

1) I am currently working remotely which is giving me the opportunity to do this. I don’t know when I’ll be required to go back to the office but if it’s before a year, will I be able to leave the property and rent both units? (The area I’m looking to purchase is 3+ hours away from my office)

2) Are there any limitations to renting out the other unit while I’m living in one unit (before the 1 year is up)?

Thanks!