Home Buying in 84120>Question Details

Brandillac, Home Owner in Salt Lake City, UT

Renting out a home with an FHA loan...

Asked by Brandillac, Salt Lake City, UT Thu Sep 6, 2012

My husband and I have had our home for almost 6 years. We have always had an FHA loan on our home. In July we decided to do a streamline refinance to take advantage of the lower mortgage rates. We signed all our paperwork mid July. We have tried to sell our home two different times since we originally bought the house, but never even got an offer. We have recently talked about renting our home, and have read that you cannot rent within 12 months of having an FHA loan. I'm wondering since we have always had an FHA backed loan on the property, could we rent it out now vs. waiting even until next July. We have always been in good standing with our mortgage. Never a late or missed payment. Any info would be greatly appreciated!!

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Dustin Brohm’s answer
Hi Brandillac. I recommend speaking to the loan officer who did your FHA loan to see what they suggest. They are much more familiar with your particular loan than any of us here on Trulia.
1 vote Thank Flag Link Thu Jan 31, 2013
Hey there,
I would recommend talking with your loan servicer about the possibility, as they have the option of granting an exception.

I realize you asked this question a year ago. The market has changed significantly. Have you taken a look at selling again? I would be happy just to go over the local market with you if you would like, just give me a call (801) 949-1194.

Web Reference: http://alexanderlovell.pro
0 votes Thank Flag Link Tue Nov 19, 2013
You can always rent it out but if the bank finds out they can call your loan due. So that would be a risk you would have to be willing to take. The question would be are you tapped out on your equity since your refinance? And is that going to be an issue? If not, NOW is a great time to sell, we are in a sellers market. I have more buyers looking for homes right now than are on the market. You can call me or go to my site anytime for a FREE evaluation, and No Obligation. I hope this helps, I would love the opportunity to help you.

Monica Cook 801.792.6434
0 votes Thank Flag Link Tue Sep 11, 2012
Are you still interested in selling? Perhaps it's time again to have a real estate professional evaluate your home for value and marketability?

We are as close to being in a full blown sellers market as we have been in years. Feel free to contact me for a market evaluation. No pressure, just the facts.
0 votes Thank Flag Link Fri Sep 7, 2012
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