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Military Families Military Families

For those of you renting your home out

Anonymous
Posted by Anonymous
  • 28 Replies

Did you notify your mortgage company that you were no longer going to occupy your house as your primary residence?  Did they approve it as is, or did they make you refinance to a mortgage for an investment property?

Posted by Anonymous on Jan. 29, 2014 at 9:57 AM
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Replies (1-10):
gunsgirl
by Silver Member on Jan. 29, 2014 at 10:09 AM

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.

Anonymous
by Anonymous 1 - Original Poster on Jan. 29, 2014 at 10:16 AM

Are you certain?  From what I am reading online, you have to notify them of the change in occupancy, even after the 12 month occupancy requirement, and that they can approve or deny it.  I have been reading horror stories online of them denying it, and the owner had to refinance.  I couldn't find anything that pertained to military moving on orders though.  Didn't you have to at least notify them of your change of address?

Quoting gunsgirl:

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.


gunsgirl
by Silver Member on Jan. 29, 2014 at 10:52 AM

 yes we notified them of the mailing address change on the website and paid online. never once have I heard of anyone getting denied the ability to rent out the home-  some mortgage companies require a specific occupancy rule that is in the motgage paperwork- usually it is 12 and 24 months. but those with PCS orders are excluded by law from that even if it is in your contract. the VA also requires a 24 month occupancy-- unless the owner gets PCS orders.

and I am a licensed realtor in GA

Quoting Anonymous:

Are you certain?  From what I am reading online, you have to notify them of the change in occupancy, even after the 12 month occupancy requirement, and that they can approve or deny it.  I have been reading horror stories online of them denying it, and the owner had to refinance.  I couldn't find anything that pertained to military moving on orders though.  Didn't you have to at least notify them of your change of address?

Quoting gunsgirl:

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.

 

 

.oOMellyOo.
by Silver Member on Jan. 29, 2014 at 11:16 AM

This.

Quoting gunsgirl:

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.


Anonymous
by Anonymous 1 - Original Poster on Jan. 29, 2014 at 11:18 AM

Thank you! You have put my mind at ease.  We changed our mailing address online, and now our lender is asking us to verify occupancy, and I am freaking that they were going to make us refinance.  Their "acceptable" reasons in their checkboxes on the form included a temporary address change for military orders, but nothing about PCS orders, and cited our occupancy clause.

Quoting gunsgirl:

 yes we notified them of the mailing address change on the website and paid online. never once have I heard of anyone getting denied the ability to rent out the home-  some mortgage companies require a specific occupancy rule that is in the motgage paperwork- usually it is 12 and 24 months. but those with PCS orders are excluded by law from that even if it is in your contract. the VA also requires a 24 month occupancy-- unless the owner gets PCS orders.

and I am a licensed realtor in GA

Quoting Anonymous:

Are you certain?  From what I am reading online, you have to notify them of the change in occupancy, even after the 12 month occupancy requirement, and that they can approve or deny it.  I have been reading horror stories online of them denying it, and the owner had to refinance.  I couldn't find anything that pertained to military moving on orders though.  Didn't you have to at least notify them of your change of address?

Quoting gunsgirl:

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.




gunsgirl
by Silver Member on Jan. 29, 2014 at 11:58 AM
1 mom liked this

you will check the box for temp occupancy change. even tho PCS means Permenant change of station we all know it is not really permenant- :)

USAFamily
by Melissa on Jan. 29, 2014 at 12:16 PM
1 mom liked this

No- you don't need to. You do need to change your insurance however. 

USAFamily
by Melissa on Jan. 29, 2014 at 12:18 PM
1 mom liked this

I guess it probably depends on the type of loan you are in. However, once you have bought the house, the paperwork is done. The home is yours to do with what you want as far as financing is concerned. I used to write home mortgages in a former life, and have never heard of what you are referencing. Not that it's impossible, just something I highly doubt happening with a standard home loan.

Quoting Anonymous:

Are you certain?  From what I am reading online, you have to notify them of the change in occupancy, even after the 12 month occupancy requirement, and that they can approve or deny it.  I have been reading horror stories online of them denying it, and the owner had to refinance.  I couldn't find anything that pertained to military moving on orders though.  Didn't you have to at least notify them of your change of address?

Quoting gunsgirl:

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.



darbyakeep45
by Darby on Jan. 29, 2014 at 4:49 PM

We just changed our homeowner's insurance policy to reflect just the house for coverage and not the items in the house.  Our renters have their own rental insurance to cover their stuff.  We changed our address for billing purposes, but that's it.  

darbyakeep45
by Darby on Jan. 29, 2014 at 4:51 PM

Why does the occupancy of your house affect the taxes?  Property taxes are property taxes...they are the owner's responsibility to pay regardless if owners live in the hosue or if they rent it out...that's what I always thought.

We rented our house out over a year ago and only changed it with insurance company.  We didn't nothing for taxes.  Our taxes have stayed the same each year. 

Quoting gunsgirl:

we did not notify them and no you do not have to refi.

we however had to notify the insurance company and had to change the taxes since we were no longer owner occupied.


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