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Updated over 4 years ago,
How long before I can rent out a home purchased as primary res?
I was pre-approved for a conventional mortgage on a small home as my primary residence. I'm at the beginning of the process and am curious how long after purchase I have to use this house as my primary residence before I can convert it to a rental property. I understand it is considered fraud to use it for a purpose other than stated and have no interest in doing that. However, is it a red flag to the lender if I ask them this question? Is it one year for most mortgages, or does it vary?