Hi all. Its been a VERY long time since I’ve been on here. I see some new members and a lot of the “vets” are on here… I even saw Propertmanger’s post… I’m glad to see he’s back… I hope the holidays were good for you all…
I do have a question… I’m looking to buy a bigger house than the one I currently have. My biggest problem is selling the house I have. The homes really haven’t been moving in my area. I have a house in mind that I believe is a motivated seller. Are there any options for me other than waiting to sell my house before buying another one?? I don’t want to cause any problems with my currrent mortgage since it was granted as an “owner occupied” mortgage. Any suggestions would be helpful. Thanx.
Oops. I saw that Propertmanger’s post was dated back in 2010… I thought it was recent… too bad…
Hello Phlemboy welcome back. In general an owner occupant mortgage does not prevent you from renting the house. if there is a clause that requires you to owner occupy it usually has a time limit (2 years usually). If you have stayed that long you can rent it.
That’s good to know. I’ll have to check it out. Thank you.
nice to see you’re back…phlem…
shoot me a pm when you get a chance…will bring you up to date on a few things.
-Mike
Do not even think twice about that clause. It is just to ensure that your intent was to be an owner occupant and not do a quick flip. If you live in that house now you have satisfied that clause. You are not required to stay any certain amount of time if the home no longer meet your needs as long as when you bought it your intent was to be an owner occupant.
Have you tried renting it out for the meantime? I bet you can do it.
No reply. I guess not.