Can someone rent a home that they purchased with an FHA loan?

If you buy a home with an FHA loan (and you still owe on that loan) can you use it as an investment property? Furthermore, can you buy other properties when you have an FHA loan? Can you live in another property other than the home you bought with the FHA loan? What are the restrictions?

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This entry was posted on Thursday, January 14th, 2010 at 10:39 am and is filed under fha home loan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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are there restrictions on selling a home purchased with FHA 203K loan,

2 Responses to “Can someone rent a home that they purchased with an FHA loan?”

ScorpionSDGuy says:

January 14, 2010 at 10:59 am

Yes, yes, yes.
You can only have one FHA loan at a time. When you buy the property with an FHA loan it must be owner occupied. If for some unforseen reason you have to go, rent it out, and buy another place then that’s OK. If but, you buy the place stating to FHA that it will be owner occupied, but you have no intention of ever living there then that’s fraud. Fraud is a major No NO….
HIGH SHAMAN says:

January 14, 2010 at 11:36 am

YES; to everything ; BUT you will need to change your insurance plot as you currently probably have Regular Homeowners Insurance ; NOT a Landlordlord type insurance ….

That MAY cause the lending institution holding your mortgage to raise your interest rate as I’m sure when you applied for the loan, you place dow that YOU were going to live there ….

just a couple of things you need to check out …

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