I need to rent out my home which I just purchased with a VA loan last month?
I hired on with a new company and purchased a new home in Austin, TX on December 1st. Unfortunately, the contract fell through and there is no longer a position available for me in Texas and I will need to relocate to St. Louis, MO for work. I do not wish to sell this home at this time, but will need to rent it. My questions are as follows;
- Who do I need to notify about the changes?
- I understand the home cannot be purchased for investment purposes with the VA loan, however, unforeseeable circumstances have caused my situation to change, are there any stipulations that can keep me from renting the property?
- Besides insurance, are there any things that will change from owning the home to renting it out?
- loanmasteroneLv 77 years agoFavorite Answer
If your job circumstance have changed and you have the necessary proof about your job and the reason for the job change you would be ok. You need not notify anyone. In the event there are questions in the future it would be to your advantage to keep accurate records of the reason for our move to St Louis and the job position that fell through In Texas.
If the statements you state are true and factual, you would have no problems. If the statements are incorrect or false, there is a possibility you could be accused of and charged with mortgage fraud.
When you signed your mortgage loan documents, there is a clause indicating you are required to use the house as your primary residence for a minimum of 2 years.
VA understand that circumstances might change and the job situation might be fluid, therefore there are escape clauses in the mortgage loan documents.
Based on your statement, you should be able to rent your house to anyone without trouble from your VA backed mortgage.
Your mortgage lender is not gonna reverse the mortgage loan at this time and act as if it never happened.
You need not inform them of anything. You are required by the mortgage loan documents you signed to pay your monthly mortgage as agreed. In doing this there would be no questions.
I hope this has been of some benefit to you, good luck.
- RockyLv 67 years ago
VA loans used to (although it may have changed and as a second home or live there over 6 moths per year to qualify) but they were designed for your primary residence, but since two VA loans at different times are given that might have changed as well, so it might not have to be your main residence...or you could have a blood relative live there instead read your contract and go on the VA loan web site to check
- Elaine MLv 77 years ago
If the VA loan REQUIRES you to be living in the building, you can't rent the place out. It's a stipulation in your loan agreement. Get that paperwork out and READ it. If you violate it then the loan is due to them immediately and you have to repay it.
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- LILLLv 77 years ago
If you violate the contract you signed, the lender has the right to call the loan and demand immediate full payment..
- SlickterpLv 77 years ago
Read your loan docs. VA loans are for owner occupation.
- Cathi KLv 77 years ago
You cannot rent it. You may have to sell it.
- kemperkLv 77 years ago
volunteer nothing to anyone, till it is needed.