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Results 1 to 6 of 6
  1. 11-08-2008, 11:21 AM #1
    ewilbur
    ewilbur is offline Renter
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    Default renting on fha loans

    I'm buying a property with an fha loan but I am also planning on renting out that property as soon as its in my name. I know with Fha loans your suppose to live on the property but i was wondering if it were possible to claim it as my primary residency than put it on the market for rent??? Or if there is another way around it? Thank you
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  2. 11-11-2008, 05:58 AM #2
    clemy
    clemy is offline Fixer Upper
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    The mortgage documents you sign will state that you intend to live in the house. If you sign without intending to live there, that is fraud. I have heard that the FHA is hiring inspectors to come around after the sale and see if you are indeed living in the home, so don't count on not be caught.
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  3. 11-11-2008, 06:19 AM #3
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    Jared
    Jared is offline Fixer Upper
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    Why would you do that? Why would you enter into a legal agreement and then immediately commit fraud?
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  4. 11-11-2008, 07:01 AM #4
    ewilbur
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    Default

    that was why i was asking the question. I'm not trying to commit fraud or anything. I've asked my Realtor and she never advised me that there would be an issue with it.. Could I rent it out at any point or am i stuck living in it?
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  5. 11-11-2008, 07:47 AM #5
    MinnesotaPropertiesOnline
    MinnesotaPropertiesOnline is offline Fixer Upper
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    Clemy is right. You are signing docs with the intent to move in and you should do so. You are not promising to live in the property forever. Most of these government-backed mortgages require you to live in the property for at least a year I believe. When in doubt read your mortgage docs.
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  6. 12-12-2008, 06:46 AM #6
    FourtyTwo
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    I know FHAs are some of the most affordable loans out there right now, but is it possible to look at other financing? That way you can rent out the property right away without doing anything fraudulent.
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