> From what I know in the US you can move out and maintain the current mortgage while > renting it out FTR – switching the use of the asset from primary to investment violates every loan agreement I’ve ever read (because default risk increases substantially). I’d be very surprised if any lenders allow this. Does your mortgage loan allow this?
I think most loans are based on and intention of being “Owner/Occupant” and there is typically a term (FHA/HUD is one year) that you have to meet the req’t. Once thats over you can move and rent w/out notifying lender- but you DO have to change insurance to a commercial policy. Obviously you are right in terms of looking at the actual loan agreement. And to confirm what I posted earlier- you have to you have to live in the home in any 2 of the 5 years prior to the date you sell to qualify for tax break.