Tax Implications for Rental Property With First Time Homebuyer Loan

[Jeff McNamee]

Hi all- I have a condo I rent out that I originally obtained through a first time home buyer loan. Well my lender sent me a letter because they noticed this isn't my primary residence anymore and the loan states that I need to be the primary occupant for the life of the loan. They said that I need to contact a tax professional because there might be tax implications and it may affect my mortgage interest deduction. Can anybody shed some light on what the penalties are here or the tax implications, how it affects mtg interest deductions.
Thanks in advance!