Check out http://www.chfa.org/Homeownership/for%20Homebuyers/FirstTime
I do not see anything on this website about renting. I only see about selling which in rare circumstances, CHFA mortgage loans may be subject to the Federal Recapture Tax at the time the property is sold. The tax might apply if a borrower sells his or her home within nine years of the purchase date, makes a profit on the sale and has an income that exceeds federal recapture tax limits at the time of the sale. I have also heard that you are not allowed to rent out a property with a CHFA loan however, I have also heard CHFA is being a little more empathetic with this because of the current conditions of the economy. I highly recommend that you either call your current lender or read through your mortgage documents from when you bought the house.
If you need any help with your rental, give me a call. Good luck to you!
Tara @ 203-650-3180
The overall rule under the time and terms of your CHFA mortgage was that you must live in the property for two years. After that you should be ok with renting out your entire home. However, There is a recapture tax if you were to sell your property within the 7 years of purchase but in this case it will not apply. Also consider giving me a call or e mail. You may bbe able to save some money on refinancing to a lower rate and gain additional income with the rental.
203 721 3767