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How to work around the Owner Occupancy Affidavit to buy another home in less than a year?
Although it may be a little late for you, the real answer is this:  When you close on a mortgage for a primary residence you are affirming (in an affidavit), two intents: Now, these are affirming intentions — not guarantees; so if a homeowner has a change of circumstance, and cannot meet these affirmed intentions, there is almost always no penalty.  Frankly, the mortgage holder's primary concern is you make payments on time, and they likely won't bother with any inquiry.   That being said, should a homeowner have a pattern of buying primary residences, and in less than 1 year converting that primary to a rental, and purchasing a new primary; there will likely be a grounds for prosecution for mortgage fraud. In your specific situation, you cannot legally sign the owner-occupancy affidavit with the intention of not staying for 1 year.  A solution would be to purchase the condo as a second home, or investment; both of which you can still typically get 80% financing.  A second home is tricky, I would ask your lender what their requirements are for 2nd home classification.   Outside that, you could buy the condo as a primary, stay in it for a year, then convert.  If you absolutely had to purchase the 2nd property before 1 year, you could buy it as a primary with a 2 month rent back once you reach 10 months.  Should you need it earlier, just buy the 2nd house as an investment, then once you move in, refinance it as a primary. This last strategy requires some planning ahead and you should explain your intention to the loan officer ahead of time so they can properly price the non-owner occupied loan.