Buying or Selling a Home/RTO


I am currently in a mobile home community and there are just 2 many rules for my taste. If I want to rent my home RTO do I have to get permission from the bank? As long as the payment is met every month I don't see why they would care.
I live in Gainesville Fl

Hi Joyce,

Typically, no, you do not need to get permission from your lender to rent out your property. HOWEVER, depending on the type of loan you received, there may be a requirement to occupy that property as your primary residence for "x" number of years.  For example, if you used a Bond Money Program or Neighborhood Enterprise Grant to purchase the property, they stipulate that you own the property and occupy it as your primary residence for anywhere from 5 to 10 years.  If they find out you're renting it within that period there could be fines, etc.

The quickest and most efficient way to verify is to dust off the paperwork you received from the title company or law office where you closed on the property and look for your Mortgage document. This outlines the rules of your particular agreement.

I hope this helps and you are able to move on soon!


Buying or Selling a Home

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Kerrin Kostelic, FL Broker Associate, GRI, AHWD


Let me know if you need help with any of following type questions: How to choose a great agent? Why do I need to hire a Realtor? What does "agency representation" mean in Florida? How does a Realtor get paid? What do I need to do to get my house ready for sale? How important is pricing in getting my home sold? What if I'm under water in my current mortgage? How do I go about getting a loan? Please keep in mind that I cannot give legal nor financial advice as I am not licensed for either of these activities. In addition, real estate law changes from state to state; I am licensed in Florida only so that is specifically my area of expertise. If it is a more general real estate question, feel free to ask away!


I have been a full time real estate licensee in the State of Florida since 2000 and received my brokers license in 2005. I have helped 200+ clients and customers buy and/or sell a home, condo, or vacant property since that time. I continue to educate myself in my field taking numerous courses on financing, negotiating, contracts, Fair housing, construction, all in order to become a better professional.

National Association of Realtors Florida Realtors Pensacola Assn of Realtors Leadership Pensacola class of 2008 Gulf Coast Search and Recovery, K-9 Inc -- volunteer, handler in training, & Secretary/Treasurer

BA in Social Sciences/Language Arts with Elem. Education certification--Univ of Michigan, 1993 Real Estate licensee in FL -- Oct 2000 to present Graduate, Realtor Institute, Nat'l Assn of Realtors -- 2004 Broker Associate, FL -- 2005 At Home with Diversity designation, Nat'l Assn of Realtors -- 2009

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