Conventional Loan Violation via house hacking?

[Grant Shipman]

I'm working on getting my first property under contract, and I would really appreciate advice on whether my plan would be violating the terms of the mortgage.

PROPERTY & LOAN INFO:

-Conventional Loan for a Primary Residence

-Single Family 2 Bedroom Home with a basement and an accessory until (360sqft tiny home).

PLAN:

-My partner will be on the loan (and therefore must have the house as her primary residence for 12 months), and we will build out the basement as her living space.

- Will rent out the rest of the house (2 other bedrooms and accessory until) via long term rent or Airbnb.

MY QUESTION

My mortgage lender is concerned that renting on the rooms to long term renters or Airbnb during the first 12 months may violate the mortgage agreement. I have researched everything I can on OO loans, and I don't understand their concern. Please respond with anything you think helpful. Thanks!

[James Carlson]

@Grant Shipman First off, great idea. Airbnb is a super easy way to house-hack and build up cash for your next purchase. I'm an Airbnb devotee, so my opinion should be taken with a grain of salt, but I'm always trying to get my buyers here in Denver to consider Airbnb. (Whether it's in a house with a basement apartment/carriage house or just renting a room.) 

Where's the property you're about to close on?

Yeah, I would tend to agree with @Myka Artis . They're likely not going to care as long as you're paying. But I'm not even sure what provision of your closing docs would have a prohibition on Airbnbing a portion of your property. I'm wondering if your lender thinks that by doing so, your place would be considered an "investment property" and therefore not allowed for a primary residence loan. If that's the problem, I'd ask your lender to research a little more or talk to some other lenders. 

I'm a fan of open communication, so I'd simply shoot an email to your lender and ask what document you sign that prohibits you from Airbnbing a portion of your primary residence.

If you PM me, I'll reach out to a few lenders I trust and see if they can explain any better. 

Good luck!