My question involves real estate located in the State of: Maryland
I have recently purchased a condo, putting 20% down, and using conventional mortgage to finance it as my primary residence. When applying for a mortgage, I intended to live here for at least several years. I lived in the property since the day after closing date. Job offer too good to throw away from out-of-state came along, requiring me to relocate. I am not ready to sell yet, but I would like to rent it out. More then 7 month elapsed since purchase, but less 1 year.
The promissory note contains the following language:
The loan has been sold twice since then and is owned by Fannie Mae now.Borrower shall occupy and use the Property as Borrower's principal residence within 60 days after execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist ...
Please, confirm my understanding of the above document:
1. If I am to rent it out now, I have to obtain the written consent of the Lender. Is it correct? How hard is it to get such consent? How do I start? Do I start with the loan servicing company first?
2. If I wait for the next ~4 month, I will pass the one year threshold. Will I be safe to rent then, without the Lender's consent. Am I correct?
3. Job change is not an extenuating circumstance. Am I correct?
Any general advice/comment on the situation will be appreciated as well.