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Can I use the Downpayment Assistance Loan Program to purchase rental property? Can I rent out a property later after I live in it for a while?

April 26, 2017downpayment later live loan program Property purchase rent rental

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Can I use the Downpayment Assistance Loan Program to purchase rental property? Can I rent out a property later after I live in it for a while?

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DALP funds are available only to purchase a single family residence, and the borrower must occupy the purchased property as its primary residence. Properties that have received DALP funding must remain owner-occupied throughout the term of the loan, and must be repaid immediately if the owner no longer occupies the property.