Home Buying in Andalusia>Question Details

Marty Jackson, Home Buyer in Andalusia, AL

can a mortage company dictate what you can do with property you are buying? Such as rent part of the land

Asked by Marty Jackson, Andalusia, AL Tue May 29, 2012

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Yes, lenders can most definitely restrict what you do with a property. If the property is your primary residence, then you are not allowed to rent it. You also need to be aware of any zoning ordinances that might has restrcitions as well.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Tue May 29, 2012
You bet your sweet bippy they can, and do:

The Landers want to protect their interests and they put all kinds of restrictions on loans;
You have to be an Owner/Occupant
You cannot assign the loan to another party
and many, many more
If you violate some of these rules, they can call in the loan or do other nasty things to you.
0 votes Thank Flag Link Tue May 29, 2012
is this guidance? Or is this written in to most contracts - example - if I purchase a condo but have to move for a job would I be able to rent the condo - so that I can wait till the market improves to sell?
Flag Tue May 29, 2012
is this guidance? Or is this written in to most contracts - example - if I purchase a condo but have to move for a job would I be able to rent the condo - so that I can wait till the market improves to sell?
Flag Tue May 29, 2012
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