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Updated almost 3 years ago on . Most recent reply

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24
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6
Votes
Jeffrey Suarez
6
Votes |
24
Posts

How long do you have to live in Primary residence before renting?

Jeffrey Suarez
Posted

 I want to rent my home in about 2-3 months, move 30 miles closer to family. 

I will be keeping part of the home for my personal belongings. garage and RV storage. ( I started another thread about building adu so I could be there part time in the future)

I currently have a primary residence loan funded by fannie mae. 

I refi in Nov 2020. I have lived in the home 4 years.  I am in the middle of a home equity loan, but need to know if there are any reprocussions. I don't want to be accused of mortgage fraud. 

Should I stop the home equity loan, or at least let them know the situation? Lender is US Bank so I am dealing with a lot of robots there that don't really have answers. . 

Most Popular Reply

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2,135
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1,099
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Joe Homs
  • Flipper
  • Mission Viejo, CA
1,099
Votes |
2,135
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Joe Homs
  • Flipper
  • Mission Viejo, CA
Replied

@Jeffrey Suarez the rule of thumb is one year.  Have you thought about selling it since you can avoid up to $250K per person and $500K for married couples in capital gains?

Good Investing...

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