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jmg2303

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Posts: 1
Reply with quote  #1 
I just purchased a home under a home owner occupied standard mortgage (sorry that's probably not the technical name) and now I have an opportunity to rent the unit out. I currently have home owners insurance on the property, however, I contacted my agent today and she said she would need to advise the bank of the insurance change. This would put up a red flag to the bank would it not? Do I have any other options? I'm afraid of getting audited. Would the red flag that I purchased a home under a standard mortgage and now would be renting get the bank's attention?
gcp1006

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Posts: 2
Reply with quote  #2 
If you intentionally financed the property as an owner occupied second home in order to get a low rate on a loan and never intended to occupy it yourself, then you committed loan fraud - which is a federal crime. If you didn't, then you should have nothing to worry about.
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davisjone

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Posts: 28
Reply with quote  #3 
I didn't have an appropriate answer to that but I'm glad Gcp shared the information.
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Kingsbury Homes
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