Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

91
Posts
20
Votes
Vee Vu
  • Real Estate Agent
  • Denver, CO
20
Votes |
91
Posts

When can I rent out my owner occupied house?

Vee Vu
  • Real Estate Agent
  • Denver, CO
Posted

I’ve been talking to a few lenders about how many months I have to actually stay at my house, before I can rent it out. And get another owner occupied mortgage for another new house. But I’ve been receiving different answers: 12 months, 6 months, 0 month, etc. Please help me with this simple question. Thank you!

Most Popular Reply

User Stats

295
Posts
208
Votes
Blake Dailey
  • Investor
  • Ogden, UT
208
Votes |
295
Posts
Blake Dailey
  • Investor
  • Ogden, UT
Replied

For most agency owner occupied loans like FHA and VA loans you have to PLAN to stay in the house for 365 days. After that you are free to get another owner occupied loan. The plan portion is a loose term though. Things can change - life circumstances, baby, new job, etc. that can make an exception to the rule. At closing on these loans you sign a document (one of the many) that states that you plan on making the home your primary residence for a year. If you get this kind of loan with the intention of renting the house out and immediately do you are technically committing mortgage fraud. But if you move into the house and make it your primary residence and then, say, 8 months later you get a new job in a different town you are allowed to rent the home. I would just caution you to be careful and have the discussion with your lender if you find yourself wanting to rent your home before the year mark. I say that just so you have all the information! My wife and I plan on purchasing another house hack this summer once we reach our year point.

Loading replies...