Military family - just bought a house, when are we able to rent it out?

Question

We bought our first home in May and i'm going away to basic training and AIT soon...I will be gone for 6 months and my husband and kids will be living in the house... my question is when I get my first duty station we're going to have to move (if I can't get stationed where we live)... I don't want to sell our house because I love it and I would love to have a house to come back to if we could get stationed where we live.

Is there a min amount of time we have to live in the house before we can rent it out and are there any kind of waiver for military families if we have orders saying we have to move? A friend told me it's 2 years before we can rent it out..

any help or info is appreciated

Answer 1

Situations vary. Ask your lender and someone on the base about it.

Answer 2

It depends on your loan, but unless it was an investment loan the time is 2 years.   You can not use a owner occupied loan (which has a lower interest rate) for income property.