All Forum Posts by: Eric Benz

@Eric VeronicaThanks all for the suggestions.  I also spoke with my lender who followed up by saying that a signed rental agreement for my current house would be acceptable proof of me moving out, if residence even came up as an issue during underwriting at all.

I will also give the reasons for moving some thought.  While none of them stand out to me as things that would work in my situation I can give it some more thought and most likely come up with a valid reason other than just wanting to move to the new place for better financing options.

I purchased a house in Feb 2018 and have lived in it ever since. I'm now interested in renting out my current house and moving into a new SFH or multi-family as owner occupied.

When I asked my lender about this he said:

• "If you buy a new home that is a lower price than your current home, and you have only lived in your current home for about a year, the Underwriter may not allow you to call the new one a primary residence, unless we can document why you are downsizing."

I'm interested if anyone else has ran into this and if there is any way to get around this uncertainty.  I don't want to get in a situation where I have an accepted offer and I can't get underwritten.  Obviously I truthfully do plan on living in the new house as owner occupied so if there's anything I can do to prove my true intent I am happy to do so.

I already own a single family home otherwise I would be open to house hacking.  I am considering moving out of my house and renting it in the future.  

One caveat is I haven't lived in my house for 2 years yet, and my understanding is I would need to pay taxes on my current house's appreciation if I do not live in the house for 2 years before renting it out.

I've been looking into buying a single family house or small multi-family in the Kansas City area to rent it out.  I've been doing research for a couple years and I feel like I'm at the point where I need to take some steps towards my goal of buying a house to rent out.