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Converting Your Home To A Rental: Residence Duration Requirements Explained | MortgagesByScott.com

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Learn the essentials of hacking and converting your home into a rental property. Discover the residence duration requirements for various mortgage loan types before turning your primary residence into an investment. Get expert advice on real estate investing at www.mortgagesbyscott.com.
Video Title: Converting Your Home To A Rental: Residence Duration Requirements Explained | MortgagesByScott.com
This video is about Converting Your Home To A Rental: Residence Duration Requirements Explained. But It also covers the following topics:
House Hacking Guide
Turning Home Into Investment
Rental Property Conversion
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#househacking #investmentproperty #homerenovation #rentalproperty #mortgageloans #realestateinvesting
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Опубликовано:

5 сен 2024

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Комментарии : 36

@lianagilbert61 Год назад

I bought a house for myself and my daughter and her children when she was getting divorced. I was a travel nurse at the time, working about 250 miles away. The living situation did not work out and about 6 months later I applied for a second home. Boa made me write an explanation and I almost didn’t get approved. But I never knew there are such restrictions and rules. Both were conventional.

@nuestromundo5815 Год назад

My man dropping gems here. Thank you

@Patsworldbaby Год назад

Sounds like fha is the way to go

@lizcaacbay6789 Год назад

Thanks for sharing the information! But can we do a short term rental on a room of our primary residence that was purchased as a primary using a conventional loan? 😊 thanks in advance

@Mortgagesbyscott Год назад

Absolutely!

@matthewlieberman670 Год назад

Hi Scott, I've been in my new home that was purchased using an FHA loan. I am looking to now rent out the home; however, everything I am reading says that I am required to occupy the home for 1 year. You mentioned that an FHA only requires 6 months. Is this still true?

@snookwestwest2298 Год назад

Excellent video Scott! If I bought a home with a conventional loan from a family member with the intentions on moving in. The family member became ill and wasn't able to move, could you rent it out to them? What's the best solution? Thanks for your help!

@Mortgagesbyscott Год назад

Life happens, so you can't plan for everything. I would just say that I would not enter into that with the plan of them not moving out. That would be potential mortgage fraud which is a felony.

@subirkrishnan Год назад

Scott, thank you for the great videos! On a typical conventional loan, does changing the primary home to a rental have any implications to monthly payments/ interest? Also, could you create a video on using the rental on the existing home to qualify for next loan?

@Mortgagesbyscott Год назад

Hi Subir. Thanks so much! Converting the primary home to a rental property has no impact on the payment. Everything stay’s exactly the same. I’ll create a video this week on using the rental income to qualify for the next home.

@subirkrishnan Год назад

@@Mortgagesbyscott thank you for the quick response and clarification. Subscribed to your channel. Keep the great content coming through.

@mikeknight5331 Год назад

Hey Scott, I am receiving a free mortgage home from an organization for my military service. I want to use my va loan and I have plans to build another home in the future. How long do I need to stay in my mortgage free home (which I plan on keeping) to use a Va loan to buy another?

@IAmHisBeloved5 10 месяцев назад

@@Mortgagesbyscotthello, how can I find that video?

@77777withlove 7 месяцев назад

Hello , if I bought the house for 150k 40 years ago, and now I start renting it out. what value of the house do I use for depreciation? Thanks so much for your help.

@Mortgagesbyscott 7 месяцев назад

You would need to talk to your accountant about that. My understanding is that you would use the value of the home at the date of conversion to a rental property. But again, I'm not a tax professional :)

@sarahpearl9462 Год назад

So if i used a conventional loan on my primary residence. And decide to rent out the rooms after 1year but my circumstances haven’t necessarily “changed” will that be considered loan fraud?

@Mortgagesbyscott Год назад

No it will not. You can actually rent a room out at any time. This is not an issue as long as you live there as well.

@MrJordanT Год назад

Can the mortgage company change loan terms if you rent out the home?

@Mortgagesbyscott Год назад

The mortgage company can not change the terms of the loan.

@alandallmann5877 Год назад

Well then what's the difference if you rent it the day after closing?!? Are they hoping for honesty before taking the loan,?

@Mortgagesbyscott Год назад

@@alandallmann5877 It's considered mortgage fraud if you buy an investment property but present it as a primary residence. I don't think people realize mortgage fraud is a felony.

@alandallmann5877 Год назад

@Mortgages by Scott oh I see, well then what could you present it as?

@tylerhenderson8975 Год назад

If I live in a conventional loan primary residence mortgage for a year. Move out with a signed lease agreement from tenant. will they count the unrealized income to help me qualify for bigger house

@zinakouznetsova1950 Год назад

Hi Scott, with conventional loan do you need to get a written permission from the bank to rent out your primary residence if your circumstances change?

@Mortgagesbyscott Год назад

No. That's not necessary.

@mamaof3744 Год назад

hi scott, i made a conventional loan this year. Plan to transfer to a different state next yr. can i rent out my property. Have my husband applied to loan for the second property? his name is not included in the mortgage loan... but in the deed the house. thank you.

@Mortgagesbyscott Год назад

That is no problem. Also, if you need your income to qualify as well you can get a 1 year lease and use 75% of the monthly rent to offset the current mortgage payment.