Renting out after recent refinancing as primary residence

[Paul Wang]

Hi, 

there is this clause in our loan doc when we just re-financed:

"I/We will continue to occupy the property as my/our principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing or extenuating circumstances exist which are beyond my/our control."

Here is our situation:

We are the original owner of a new build for 11+ years, and I have been working remotely in my new job that is 70 miles away from our current house for the past 1+ years (COVID plus the job allowed me to); I only need to be in office 1 or 2 times a week. My wife works 5 miles from home. However, my manager is now asking to be in office every day starting in June (3 hour round trip commute), even need to work on weekends and my wife's company policy now allows her to work from home most of the time. We want to relocate near my job and get a bigger house as we have 3 young kids in a small 3BR house. My in-laws also live close to where I work and one of them is also very sick and we like to have our kids to spend time with them before times runs out (the doctor is not very optimistic)..

So we will not occupy our current house and like to rent it out. But we just refinanced in March so definitely will violate that 12 month term.

Does the change in my job requirement meet extenuating circumstances? Needing a bigger house and attending the ailing elderly family member are the other major reasons compelling us to move.