David Cooper Investor 702-499-7037
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Not a person on this site can guarantee you there is no risk or penalties, and every contract is different.
I've heard a bird say: "pay your mortgage on time and don't rattle the cage".
I'm Diane and I have been a Realtor and Investor in Las Vegas for more than 20 years. The answer to almost all questions like this in the current market is "maybe". The circumstance of your relocation and who your loan is with, will determine whether or not you will be allowed to rent it before the first year has past. For instance, if the purchase was a "Homepath" purchase and you used their Fannie Mae Loan, there would have been a document that they required you to sign promising that you would not rent it for a year, unless there were unusual circumstances...such as a job relocation. If that is the case, I would be careful to run the scenario by them, because in that paperwork, you will note that if you do rent it and they catch you, it will cost you $10,000. A Lender might also call the loan, however that is rare. So, what I am saying is, ask your Realtor or the Mortgage Broker to go over the documentation in the Loan and see if there is a clause for extenuating circumstance. Good Luck!
Tri-Star Realty, LLC
The agents below have given you very sound advice. We deal with situations like this all the time. It is true that the lender may call the note, depending on whether or not you have an extenuating circumstance.
That said, if you need any assistance with finding a tenant (provided you don't already have one), you are welcome to give us a call at your convenience.
To your success,
LV Property Search
With proper communication with the lender, there should be some kind of leniency and exemption that it is willing to consider.
Contact the lender and discuss your situation.
Best of Luck
I suggest that you contact your lender and discuss this matter with them. As far as I know, the lender dose check occupancy depending on the type of loan, and you defiantly want to notify the lender and ask them.
In some circumstances like health, job relocation or etc the lender might conciser exemptions.
I hope that it answer your question. Good luck!