There are a couple considerations. If you say you INTEND to owner occupy the home and then change your mind, it will be hard for the bank to do anything because it is hard to prove intent. On the other hand, if you say you will owner occupy and rent it out and the lender (or servicing company) finds out (via the mailing address you use on your insurance policy, correspondence from the bank, etc.), the note and/or mortgage will most likely have the stipulation they can call the note due. It is a chance you take. Why not do the right thing from the start and present your case properly and ask the appropriate questions up front? That way, you know your options and don't have to worry about looking over your shoulder with worry on the "what if". Honesty is always the best policy in any dealings!
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