FOR LAWYERS If I got financed for a home and told them I was going to live

[unique]

in it but after closing I decide to rent it out will they think thats what I wanted to do all a long and could I get into legal trouble by doing that?

[common sense!?!?]

from what I know about it you have to live there but if this is your first and only home you should be ok. I am not a lawyer but when i got my home it was my only one and i had to leave for 12 - 15 months and rented it out. My Aunt has two homes and she lived in one got a divorce and moved out got another and tryed to sell it but couldnt so she rented it out and lives in her new home. I know these are not that helpfull but maby somewhat are good luck

[ILoveKeyLimePie]

It's a legal question. And yes, you could get in a lot of trouble.

If you signed an occupany affidavit (especially one that allows the lender to inspect the property) and got a residential loan instead of a commercial loan (for investment property), the worst that could happen is that they begin foreclosure and/or prosecute you for loan fraud.

A lot of people do this and manage to get away with it, but if you get caught ... you could lose your investment and have heavy legal expenses.

It's best to live in the property for 6 months to a year before you rent it if you got the loan based upon this being your primary residence.

[heart o' gold]

This is a real estate question, not a law question.

Using this as income rather than residential property would make a difference on you interest rates...I suggest you discuss this with your real estate agent to avoid any problems.