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I thought in the US if you lived in a home for several years you could move out and start renting it out without refinancing for some reason. Do you have a reso
by Glyptodon 4y ago
I thought in the US if you lived in a home for several years you could move out and start renting it out without refinancing for some reason. Do you have a resource for more info about this?
- djbusby 4y agoYou can't get a primary mortgage for a rental. There is a time term in the note, like you have to occupy for at least two years. You can use a cash -out refi on your primary and use those proceeds for a rental (but you'll need lots of equity). One can also get non-commercial loans to buy rentals but the terms (eg LTV, rate) are steeper than for primary.
- toomuchtodo 4y agoYou can turn a primary residence conventional mortgage property into a rental after 1 year of owner occupancy. FHA and VA are the same.
- jasonariddle 4y agoAn FHA loan requires you to live in the property as a primary residence for 12 months. After that, you can move out and use it as an investment property. https://www.lendingtree.com/home/fha/ https://www.lendingtree.com/home/fha/
- jmvoodoo 4y agoInteresting. Did not know that. Thanks!