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Updated over 8 years ago,

User Stats

20
Posts
2
Votes
Michael Landrum
  • raymond, WA
2
Votes |
20
Posts

Rental backed by USDA Loan: Impossible?

Michael Landrum
  • raymond, WA
Posted

Hello everyone, first of all i want to apologize for the unprofesional and incomplete profile. I'm brand new to bigger pockets altogether and registered an account in a hurry.  I promise, im more handsome than the black dot that my picture displays. Anyway, here's my urgent dilemma: my wife and i seized an opportunity to move out of our primary residence, and into my in-laws while they will be gone for a few months. Our plan was to rent out our house and save some money quickly because our in-laws will be charging us next to nothing. It's a win win honestly. Well, as of yesterday, all of our stuff is moved,  but as of today everything feel apart. Here's what i mean.  I was informed today by our lender (after i called and asked) that our loan has a "bond" on it which means that it cannot be rented out.  I did some reading up and came to the conclusion that the reason for this is that its a USDA loan.  So,  i looked into our paperwork,  and the only thing i could find in the Note that was even remotely close to this issue,  is just a statement that said that we(the owner) must occupy the residence for 1 year.  Well,  we've fulfilled that. .is it safe to assume that since there are no written stipulations in the Note about renting the house out, that it is acceptable?  Please help!!!