Hi.

Situation: I am about to close on a property using 100% financing w/ 2 loans (the first one being the one I need help with). The first loan is a OOC (Owner Occupy) and I would really like to change it to a NOO (Non-Owner Occupy) loan. The contract states that I cannot refi the property for 1 year & I must live at the property for 1 year.

How do I get out / change the contract so it is not owner occupy? Can this even be done?

I would really like to change this over to a rental property and use the equity from this property to get another.

Thanks

How do I get out / change the contract so it is not owner occupy? Can this even be done?

So before you sign ask change the documents to NOO. If 'your LO cannot do it for you than change LO's. The only thing is you have to watch out for Escrow. Make sure all parties understand the reason you are changing and request for an extension. You may have to pay a penalty per day if they the seller choose to. So you may want to talk with your buying agent and see if there are going to be any cost against you. If you have a good LO he/she could possible close the deal in a timely manner if they know what they are doing and have the right people to working with. Also dont forget you will incure a few interest points higher than what you originally were quoted because its a NOO.