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Old 12-26-2011, 07:53 PM
 
345 posts, read 825,163 times
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I'm planning to convert my primary home to rental property as I'm moving out.

I refinanced my loan recently (probably 3-4 months back), do I have to take any steps in modifying loan?

Is it ok to continue the same loan? or do I have to change it?
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Old 12-26-2011, 08:09 PM
 
2,091 posts, read 7,186,506 times
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Probably not, but the simple thing to do is read your documents. If there is nothing saying that it must stay your primary residence for a certain period of time, then you are in the clear. If you are talking about taking advantage of one of the Save Your Homes things, needing it to be the primary residence JUST to refinance, then be very very careful. It would REALLY tick me off as a taxpayer to find that you refinanced, then moved, while knowing in advance that you would move and were just holding out to get the refi. REALLY tick me off.
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Old 12-27-2011, 01:04 AM
 
52 posts, read 192,819 times
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Dont worry about it, you need to do what you need to do regardless if some taxpayer that has nothing to do with your house is offended.
Usually, a loan document will want you to be owner-occupant for 1 year.
But if you got to move, do it, nothing will happen.
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Old 12-29-2011, 05:44 AM
 
Location: MID ATLANTIC
8,422 posts, read 21,689,644 times
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This is a really grey area, but as long as you aren't under contract to purchase another home, your owner occupied refi is not a conflict. Seriously, who's to say you will like what's available? Like the payment associated with another purchase? Qualify carrying both mortgages? Too many variables, or, "what ifs?"

However, if you have a contract in hand to purchase another home (say new construction), your intent is clear.
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Old 12-29-2011, 06:01 PM
 
4,567 posts, read 9,994,597 times
Reputation: 6703
1. Rent the house.
2. Dont tell your bank anything.
3. Keep up with payments.
4. Everyone happy.
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