What do I do in the first 60 days after closing?
Move in. FHA and Fannie Mae loan rules expect you to be living there within 60 days of closing and to intend to stay at least a year. In the same weeks you take over a tenant, a lease and a deposit. Put each one in writing.
WHAT MOST PEOPLE ARE NEVER TOLD
In Texas the tenant's deposit becomes yours to return the day you take title. Make sure the money comes with it: get the deposit credited to you at closing, then tell the tenant in writing that you are responsible for it.
The lease you inherit usually stays in force after the sale. You take it as written: the rent, the end date, who pays which utility. Read it before you change anything.
Then, in the first weeks:
- Tell the tenant in writing how to reach you and where the rent goes.
- Give the tenant a signed statement that you now own the home and are responsible for the deposit, with the exact amount. Texas Property Code section 92.105 calls for it.
- Tell your insurer the other home is rented, and get it in writing that the policy covers it.
- Open a separate account for the rent, the deposit and your set-asides for repairs and empty months.
- List what is old. Two homes mean two water heaters and two kitchens.
- In Texas, file for the homestead exemption. In Denver, apply for the rental license.
Keep every receipt from the first day. The rented home goes on your tax return as a rental, and the records are what make that simple.
GOOD TO KNOW
The 60 days and the year are conditions of the loan you signed, so tell your lender if your plans change. If the home you will live in is still occupied at closing, the clock is already running, and the lease and state law decide when it is free. Settle that before you close.
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WHERE THIS COMES FROM
- Fannie Mae Selling Guide B2-1.1-01, Occupancy Types (11/04/2026)
- HUD Handbook 4000.1 (FHA), Occupancy Types, section II.A.1.b.iii (page 159, revised 8/12/2026)
- Fannie Mae Selling Guide B2-1.5-03, Legal Requirements (06/03/2020), Rental Property Leases
- Texas Property Code, chapter 92, Residential Tenancies: section 92.105, the security deposit when a home changes owners
- Texas Comptroller: Property Tax Exemptions
- City and County of Denver: Residential rental property license, frequently asked questions
Researched and written by Series Homes. Checked against its sources on . Lending rules change. This page is general information, not a loan offer or legal or tax advice.