Financing in 46112>Question Details

gag, Home Buyer in Avon, IN

can i rent my home, i have an obama mortgaga?

Asked by gag, Avon, IN Tue Oct 23, 2012

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There's no such thing as an Obama mortgage. Rent your home if you like if you fail to make payments it will get foreclosed on just like any other home and as long as you make your house payments no one really cares who is living in it. If you do rent you should speak to your insurance agent as you'll need a slightly different policy than the one you currently have. Also bear in mind renting and being a landlord aren't for everyone and you have to be prepared to deal with tenants.
0 votes Thank Flag Link Fri Nov 2, 2012
Are you possibly referring to the $8,000 first time homebuyer tax credit?
Yvonne
0 votes Thank Flag Link Thu Nov 1, 2012
Gag,

There is no such thing as an Obama Mortgage. I agree with Suzanne.
If you mean Ameridream or relaxed lending standards and no
documentation mortgages, those came into being during the Bush
years, and those will not limit you either.

But, some HOAs limit rentals in the neighborhood. Check with your
HOA to find out if your home can be rented under their guidelines.

Good Luck
0 votes Thank Flag Link Wed Oct 24, 2012
What is an Obama Mortgage? As far as I know the only government entities that guarantee mortgages are the Federal Housing Agency and the USDA and they were doing this and around for YEARS before Obama became President. So, assuming you are talking about an FHA mortgage, then yes, you can as long as you have lived in the home for 1 year (I think) to satisfy the 'owner occupied' requirement, you can rent your house.
0 votes Thank Flag Link Wed Oct 24, 2012
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