Asked by Sara, Long Beach, NY • Thu Jan 21, 2010
I intend to use it as a second home, but want to reserve the right to live in it or rent it should my circumstances change at any time. Per the IRS, you can rent out a second home as long as you still use it a minimum number of days per year. It seems the lenders have a different definition and consider a second home a home that you don't live in and never earn income on. We qualified for the loan on the basis that we would not need to rely on income, but we don't want to be in default should we ever want to rent it (the rider states we would be in default if we do this). Should we pull the plug on our escrow and re-apply for our loan as an investment property, even though we intend to use it as a second home? Please help ASAP!!! Days from closing.
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