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Can i turn primary residence in to a vacation rental?

Hi there, we bought our first home as our primary residence about 3 months back in North Carolina while we were still renting in Maryland. Bank asked for a letter from my employer stating my moving to NC would not affect my job/income and my employer provided them as often in our line of work we work remotely or on-site or even travel if needed.
When i got hired for this new IT project, i was told that i would be working remotely but after joining, i was asked to work strictly on site from the North Carolina office due to contract issues.
Now my work is 4 hours from the house we bought. I really like the house and we bought new furniture and decorated the house hoping we would finally move here one day.
My question is: can i rent this house so i can cover for the mortgage? Can i turn it into vacation rental as it's in Smokey mountain area? Would my bank default me when they find out about vacation rental insurance policy? Do i have to refinance it to use it as vacation rental? I researched the area and it's very hard to find a long term tenants where the house is, I may find some short term weekly or nightly rentals during summer thru various vacation rental websites. I really don't want to sell the house. Can anyone advise me what to do it this situation and what are my options?

Many thanks for your kind advice,
Jamison

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June 15 2012 - Charlotte
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Thanks for the reply! Should i consider re-financing so i can use it as vacation rental instead of primary residence?
Do i have any other choice?
My employer is bound by their contract with the vendor so as long as i am on this project (which can be for couple of years), i have to work on vendors site office.
your help is much appreciated.
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June 18 2012
Seems to me you should be talking to your supervisor about how their change of policy is negatively impacting you financially.  Determine when they can make change that would allow you to perform duties remotely as agreed initially. Unless you have a conventional loan with a portfolio lender (non FNMA/FHLMC) it is going to be very difficult to explain and get relief from lender. They may have right to call the loan due and payable if you failed to occupy the property so discussing possible solution with your company would be "less threatning" approach. If you have to discuss with lender if no company change is likely to take place, I would advise you to seek legal counsel prior to contacting lender.
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June 15 2012
 
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