Work relocation after I bought a property

[bruboy]

What is the name of your state (only U.S. law)? California

Hi,

I just bought a new property for about 1 month and I need to be relocated to a different city for work for about 2 years. Can I rent out my property (owner occupied loan) for temporary while I am not occupying it?

Thanks!

 

[Zigner]

What is the name of your state (only U.S. law)? California

Hi,

I just bought a new property for about 1 month and I need to be relocated to a different city for work for about 2 years. Can I rent out my property (owner occupied loan) for temporary while I am not occupying it?

Thanks!

FHA frowns upon this practice - you would be in default and the lender could take immediate steps to foreclose.

 

[bruboy]

Thanks... Even if I am with conventional LOAN?

 

[Zigner]

Thanks... Even if I am with conventional LOAN?

You would need to review your loan docs.

 

[bruboy]

What other options I have other than let it vacant?