rent out a 5% conventional primary after 2 months?

[David Zheng]

I just wanted to see if this works.

Let say you buy a duplex with a 5% conventional loan and after 2 months you want to get out and turn it into a full time rental. Do you just approach your mortgage company and pay down 15% of the loan (now at 20% equity) and you are free and clear to use it as a rental or do you still need to wait a year?

or do you have to refinance out of that completely

[Andrew Holloway]

I looked at this for a prior home I owned.  In my case, the loan docs clearly stated that I must live there a full year as a primary residence.  Otherwise they could call the loan and demand payment in full (leaving me in a panic to refi as quick as possible).  I actually asked the lender for an exception and was met with a hard no.

Checking the loan docs is the best recommendation.  Just listing for you what happened in my case.