Will lender balk? Purchased home to remain tenant-occupied for four months after closing.
My wife and I want to purchase a house that is currently being rented and will remain tenant-occupied for four months after closing. We are happy to honor the lease, which will expire at the same time as our current lease, but we're not sure how the bank will react to this situation. We are purchasing the house to occupy it, not as an investment (we will lose money for the four months we will be the landlords). Will this make it difficult to secure financing?
Confer with your mortgage broker you can assist you it depends on lender. Perhaps seller/listing & buyers agent/ mortgage broker/ tenant where you can have a discussion determine what is best interest for all parties.
Listing agent could assist in helping tenants locate another propepty move into, listing agent would make additional money off their move.
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