Last week, we closed on a townhouse in Maryland. We have been looking for a single family for a couple of months, but haven’t had any luck. So we bought a neighbor’s townhouse, in case that we didn’t what we were looking for. It needs new kitchen cabinets and paint. We have already ordered carpet.
Now single families are coming onto the market again. My question is about the loan agreement. According to the loan agreement, we must stay in the house for 7 months.
We’re not sure how to get out of this one. If we find a single family, that we really want, we want to move on it. Since my boyfriend and I have the place, as Tenants in Common, I’ve thought about moving my residence there and renting the place out by the room to cover the mortage. Sneaky, I know. However, I’m not sure if this will pass legally.
Also, we explained to the lender that we prefer a single family, but we are taking this one, in case we don’t find what we’re looking for. He said, that we just have to show him a signed lease and he we would be happy to work with us again. This is just talk, nothing in writing. So I’m not sure if he would really accept this.
One more thing - when we went to closing, we signed something stating that the mortgage had already been sold. so I’m wondering if the 7 month residency is an issue at all.
Has anyone been in this situation?