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I believe this is FHA loan requirements on primary residence loans and not state specific. It should be mentioned in your loan agreement with your lender. Typically it’s 1 year. If you get mortgage for an investment property (higher rates) , then you can rent it out immediately.
Subject Expert
It isn’t a Texas law, or any state for that matter. But the purpose of use of the property changes the perceived risk of the mortgage. The theory is that if you buy a house as your primary residence, you’ll be more likely to pay the mortgage if times get tough compared to a second home or investment property. Therefore, they make you sign a statement that says you will live there for at least a year unless there are “extenuating circumstances” (ie: your job transfers you to a location at least x00 miles away, etc) in order to give you a lower rate.
If you don’t plan to live there, just get a second home or investment property rate as appropriate and pay the difference. If the 1/2 point or point difference ruins your cashflow, then move on to finding a better deal.
I live in Texas. My contract with my bank stated that the property had to be my primary residence for 12 months. Conventional