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Is it legal to rent primary residence after 4yrs of purchase?

I bought my first home in 2008 which is my primary residence. Now I am planning to move to a better school district.  So, is it legal to rent my 1st home, buy a 2nd home & make that 2nd home my primary residence?
Thanks,
RR
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May 21 2012 - North Bergen
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Profile picture for wetdawgs
Before you start look, find a good lender and run through scenarios so you know exactly what % down payment you need to have, as well as how much you will need in reserves.   When the current home is under water, the lenders work very hard to avoid getting a client who is planning secretly to buy and bail.

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May 21 2012
You can rent your 1st home out and buy a second home as your primary residence.  Lenders will count current home in your debt ratio, because you need at least 2yrs landlord experience.  So as long as you qualify for 2 mortgages you can do it.  Lender will require a letter of explanation of why hthis new home will be your primary residence. 
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May 22 2012
Profile picture for user0711805
Thanks wetdawgs for the reply. I am glad to know I have an option. My Home is currently underwater but the rental value is decent.  Fortunately, I was qualified for mortgage on an investment property a year ago but the deal didn't went through. It was a short sale. I am hoping for the best this time. 
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May 21 2012
Profile picture for wetdawgs
Yes, it is legal to rent out your current primary residence  and buy a new primary residence.   Is your current home underwater or do you have some estimated equity?   The issues are most likely be related to the amount of down payment and reserves you will need for a second property, and ability to qualify to carry both mortgages.
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May 21 2012
 
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