Change of plans after buying a new construction home
I signed a purchase contract a few months ago to buy a new construction single family home. The house was delayed in construction and many things have happened since then. We had a newborn in the family and my mom needs to stay closer to family on the east coast to help raise my niece. Can I downsize and rent the house? I plan to use it as an airbnb but with all the costs of fixing it up I don’t know if its worth it. by raines58 from Sacramento, California. Jan 21st 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
As long as your contract with the builder does not have an occupancy requirement and you advise your lender of your plans to NOT make it your primary residence, meaning you finance it with an investment property loan, then there would be no issues. Using a primary residence loan to purchase a home you will not be living in as your primary residence would be considered a form of fraud.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300
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