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Updated over 1 year ago on . Most recent reply
Purchasing a property to rent illegal??
I spoke on the phone with a mortgage lender from Rocket Mortgage. When I told him my intention to purchase a property with the plan to rent it out in the future, he told me that was illegal and fraudulent. I've never heard this before! Does anyone know where he's getting this from or what he means by this? Please advise! I'm baffled.
Most Popular Reply
Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
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Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Pro Member
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- Pittsburgh
i'm assuming he was speaking to an owner occupant lending product that requires you to live there.
you get better mortgage terms for owner occupancy.