Can I rent out a "vacation" property (that I own) without committing occupancy fraud? | |
If I own a house and claimed It was a second home instead of investment property on the lenders loan application. Can I rent it out part of the year? How much of it? Does family count? What are the rules?
I just purchased the property.
Answers:
1I would get out your loan doics and start reading. Chances are there will never be an issue however you really do not want to go down that road unless you know what the lenders recourse is, hence read your docs. If you keep the property as a 2nd home for a while, say a year and then decide to convert it over you should be all right. What if you decide to move ther full time, now it will no longer be a 2nd home but a primary! Ohh my!
Unless you intended to defraud the lender during the entire loan process I think you'll be OK if your accepting payments from family which helps offset the cost of utilities while they are using the house for a week or so.
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