My husband may be accepting a job in another state. We would like to keep our house and rent it if that is possible. I have reviewed our loan papers and do not see anything that addresses this issue. Is it okay to do this or do we have to have approval from the lender?
2006-10-20 12:34:14 · 4 answers · asked by Colleen G 3 in Business & Finance ➔ Renting & Real Estate
check w/ the lender to ensure that there are no "subleasing" clauses to deter you from doing so.
2006-10-20 12:50:03 · answer #1 · answered by Say It Again M'am 3 · 0⤊ 1⤋
Yes, you can do this. When you purchase a home through FHA you must intend to reside there. The point is intention. There is no requirement that you live in the home the entire time you are the owner.
When you get ready to rent your home, in addition to other methods you will use to advertise that your home is for rent, you might want to put it on one of the free online listing sites such as mylista.com. Be sure to check the fine print and make sure you are adding your property to a list with no catches. MyLista.Com is free. There are no commissions or fees or charges at all to place your property there for sale or for rent.
I wish you the best.
2006-10-20 20:21:14 · answer #2 · answered by chuncer_99 1 · 0⤊ 0⤋
the answer is YES you can move and rent your house without any worries or concerns AND you can even buy a new house using an FHA mortgage program since there is a good reason for the move (see today is really your lucky day)
in fact, there is a program that will even give you a FREE grant for the downpayment.
I am the program director for this program know as the liberty grant. if you call me at 1-877-GRANT-100 i will be happy to help you personally. you can also check out www.libertygrant.com for more info
good luck
2006-10-20 21:47:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
25 years in RE and I've never heard of a lender calling the loan due because you turned it into a rental. More than likely you signed something that said you intended to move in as your principal place of residence but not forever.
2006-10-20 19:59:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋