Just purchased a home in December '15 using the THDA Loan Program. I am going to be traveling for a year in a van. What are my options to rent?

Just purchased a home in December '15 using the THDA Loan Program. I am going to be traveling for a year in a van. What are my options to rent? I won't be moving to a new permanent address. I can't cover the cost of travel and the cost of my mortgage at the same time. I would need to rent the property while I am gone. How would the THDA know I was renting the entire house and not having a "roommate" situation? How could the home not be considered my residence if I am on an "extended vacation"? What are the repercussions of doing this?

I called THDA and was given one single option: refinance. I'd rather not refinance 6 months after buying. Although I did close with out about 14k equity and could possibly refinance.

I'm looking for professional advice for my situation. I would like to keep this property as a future investment, but If I need to sell so I can travel I will do it. I also do not see myself living in this state for the full 9 year term. I imagine after my travels I will then find a new place to settle.
(0) | asked by: Thomas C | share | 15 months ago | Report
2500 characters left
Answer Tips: Share your knowledge. Be on-topic . Refrain from self-promotion.
* Refer to our community guidelines.

Answers

Viewing Answers 1 - 2 of 2
Jacob T
answer by Jacob T   
Give me a call at 865-693-3433. My name is Jacob and I am with 1st Family Mortgage on Executive Park Dr in Knoxville. I need a little more information. I will be able to give you a few solutions.
0
0
Answer Helpful?
15 months ago  |   Report   |   share
Jacob T
answer by Jacob T   
Give me a call at 865-693-3433. My name is Jacob and I am with 1st Family Mortgage in Knoxville on Executive Park Dr. I need a little more information. I can give you some different ideas and solutions. I'm available 7am to 10pm, seven days a week.
0
0
Answer Helpful?
15 months ago  |   Report   |   share
Please read Homes.com's Questions & Answers Community Guidelines.