Can someone rent a home that they purchased with an FHA loan?
2010 February 3
If you buy a home with an FHA loan (and you still owe on that loan) can you use it as an investment material goods? Furthermore, can you buy other properties when you have an FHA loan? Can you live in another material goods other than the home you bought with the FHA loan? What are the restrictions?
2 Responses
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Yes, yes, yes.
You can only have one FHA loan at a time. When you buy the material goods with an FHA loan it must be title-holder occupied. If for some unforseen reason you have to go, rent it out, and buy another place then that’s OK. If even if, you buy the place stating to FHA that it will be title-holder occupied, but you have no aim of ever living here then that’s fraud. Fraud is a major No NO….
YES; to everything ; BUT you will need to change your insurance plot as you currently doubtless have Fixed Homeowners Insurance ; NOT a Landlordlord type insurance ….
That MAY yield the lending society holding your mortgage to raise your appeal rate as I’m sure when you applied for the loan, you place dow that YOU were going to live here ….
just a couple of equipment you need to try out out …