Home Buying in 27546>Question Details

Sdl1212, Home Owner in 27546

I have an FHA loan on a home I lived in for 2 years. Now I relocated to another state under military orders. Can I rent out the home and for how long?

Asked by Sdl1212, 27546 Fri Dec 2, 2011

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5
Whenever you are transferred there are no time limits on when you can rent out a FHA financed home. You can get another FHA mortgage at your new location.
It is a good idea to let your servicer know your new address to properly receive your mortgage bill.
0 votes Thank Flag Link Mon Dec 5, 2011
You are right to ask;
FHA is normally an Owner/Occ Loan.
I would suggest that you write a letter to your Lender, telling them about the situation, including a copt of your orders, and your forwarding address:
They can't come back on you,
They will probably find out anyway,
They won't try to send your mail to the old house.

Steve is right about the VA loan,
You can probably buy something new, where you are moving to. Talk to them.
And thanks for Serving.

Good luck and may God bless
0 votes Thank Flag Link Fri Dec 2, 2011
Yes, you should be able to rent your home with no problem. In the future you may want to consider a VA loan if you qualify, as this is a great program available to military personnel. If you have any more questions, the link below may be helpful. You can also contact the office of Veteran's Affairs for free advice and counseling regarding real estate.
0 votes Thank Flag Link Fri Dec 2, 2011
The one year rule doesn’t apply if you were transferred, you can rent it out for as long as you want, that’s why you have that job, to protect our rights! Thank you for serving,
0 votes Thank Flag Link Fri Dec 2, 2011
You can rent your home out even if your loan is FHA as long as you've lived in it for at least 1 year. How long you rent is up to you.
0 votes Thank Flag Link Fri Dec 2, 2011
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