Assumable Mortgage Question

[Grant Huckestein]

I have a question around a house I am trying to buy on an assumable mortgage. 

The homeowner owes 360k on the house at a 2.7% interest rate. They have it listed on the mls for 400k. They also are behind 9k in arrears right now. 

The mortgage type is assumable but my question is, if I were to follow through, would I have to buy it with the intent of it being owner occupied? The reason I ask is because the total payment for the sellers is 2030 a month and rent in the area is 2800 so I’d like to rent it out right away. 

I know I’d have to come to closing with at least 31k to make up the sellers equity along with closing costs but curious about the owner occupied part. Thanks!