Investment loan vs conventional

[Dustin Boggs]

So i finally feel confident enough to jump into the world of investment and this happens. I went to my local credit union to apply for a mortgage. i told him that this was going to be my primary residence and possibly be a rental after a year. He tells me that it is fraud to have intentions of renting a property with a conventional mortgage and that i need an investment loan to do this. He says that if i apply somewhere else that i should not disclose my intentions with the lender. Do these seem like accurate statements?

Also i asked about going the fha route and buying a small multifamily. He says that the loan will never go through because i already own another property (jointly) free and clear. With all the research i've been doing something just doesn't seem right about the information hes giving. Supposedly hes the top guy for mortgages in my credit union.

[Mark Creason]

Dustin,

You may intend to rent the property, but you never know what the situation will be in 1 year.  I do not believe you have to disclose future intention as long as you comply with guidelines.  If they say you have to occupy for one year, then comply with that.

Mark