Can I apply a owner occupy home loan?

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I am thinking of buying a condo and I am planning to live in there in a year or two. At the meantime, I would like to rent it out for a year or two (before I move in to the place). Can I apply for a Owner Occupied 30 yr Mortgage?

If not, how long do I have to live there before I can rent it out legally?

  1. Reply
    May 2, 2011 at 3:25 am

    With an O/O mortgage, you have to live there immediately, and for a period of 2 years.

  2. Reply
    Ed Atun
    May 2, 2011 at 4:12 am

    You can not get a owner-occupied loan since you will sign papers promising that you will live there. At the bottom of that paper is IT IS A CRIME TO LIE TO A FEDERALLY INSURED LENDER..

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