Financing in Arizona>Question Details

Scott, Home Buyer in Phoenix, AZ

Owner Occupied?

Asked by Scott, Phoenix, AZ Tue Dec 16, 2008

Bought a house 6 months ago and am renting a room out to my dad. Financed the house as owner occupied and there was a stipulation that I must occupy for 16 months (or else large penalty). If I get laid off from work but find a job in another state after only 6 months but my dad still rents a room in the house, how likely do you think it is the lender would find out? Would they care that much? I would consider selling to my dad but I don't think he could come up with 20% down, and I don't really want to short sell.

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If your intentions were to live there when you bought it, then you are doing nothing wrong. I would keep the utilities in your name until you figure out what your going to do.

Bottom line, if your making payments on time, the bank really wont bother you.
0 votes Thank Flag Link Tue Dec 16, 2008

First, if you signed a form when you purchased the home that expressed your intent was to keep the home as your "primary residence" then it needs to remain so until after your loan comes to fruition in the time you described.

One question comes to mind though, I have not in my experience ever seen a letter of in tent to occupy with a timeline.

Are you sure you're not talking about a pre-payment penalty for refinancing your mortgage?

Now, if you got a job out of state you could rent for a while until you purchased another home but do that after you sell yours.

The likely hood the lender might find out is higher if you post questions on the Internet asking if it's alright.

All The Best,

0 votes Thank Flag Link Tue Dec 16, 2008
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