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Updated over 6 years ago on . Most recent reply

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37
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Justin C Huggins
  • Clinton, AR
6
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37
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Rent while trying to sell, after living in home for 6 months?

Justin C Huggins
  • Clinton, AR
Posted

I bought a property last summer and purchased as an investment property.  After fixing it up, we really liked it and decided to make this home our primary residence.  We refinanced in January with a conventional loan as primary residence.  We have been living there for roughly a year and 6 months since refinance.  Recently road construction has started near the home and we are wanting to move due to our 3 year old and another coming later this year.  Can we rent this home while we are trying to sell it?  Do I need some kind of special permission from the lender?  It will be really tough to pay two mortgages and as road work is going on, I would be surprised if it sells quickly.

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6,135
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,080
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6,135
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

@Justin C Huggins - your loan typically has a 1 year occupancy requirement.  

What type of property is it?  Having a renter will limit your buyer pool if it is a prime owner occupied opportunity 

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