Owner Occupied Loan to Conventional Loan

[Anastastia Disbrow]

Hello, I currently have an "owner occupied " type loan and I would like to finance, however I no longer occupy the property. I talked to my lender was told that if I wanted to refinance I would have to occupy the property.  Is this true? Do you know of other lenders that would allow this? 

If I can't refinance as owner occupied,  is it possible to convert my loan to a conventional loan? 

When I bought the property I only had to put 20% down, and conventional would of required 30%. If I converted my loan type, would I have to put the additional 10% down?

Thank you guys!

[Wayne Brooks]

You only have to refinance as an owner occupied loan if you are owner occupying. Typical conventional loan terms for an investment property are a 75% LTV, 25% equity. Unless you have some credit or income/ expense issues (DTI), no reason you should need 30% equity. If your property has appreciated by 20% since you purchased you’d have 30% equity. Did you buy this recently, as with an owner occupied loan to are required to occupy it for a year.
Why do you want to refinance? No need to if you met your one year requirement.