Home Selling in Grove City>Question Details

Alicia, Home Owner in Grove City, OH

Renting out a FHA financed home due to relocation.

Asked by Alicia, Grove City, OH Sun Dec 30, 2012

Hello, my husband and I closed on a home in Grove City in May of 2012 and have been living here as our primary residence. We absolutely love our house and the community but are considering a move for a great work opportunity. We would love to be able to keep the home and rent it out if possible. I have read that it can not be an "investment" property because we purchased with a Residential FHA loan stating that we would be living here. I am sure at this point we can sell it for a profit because it was a foreclosure and needed work going into it. We really just want to keep the house because we love it, and would like to hang onto it in case we decide to move back to the area.

Our monthly mortgage payment is $785 including taxes and we were thinking of renting it out for just enough to cover our mortgage payment plus any incidentals or repairs that would be required, probably around $900. Would this be permitted with the loan type?

Thanks in advance for any help!

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Answers

3
In your case you can definately rent out the property. The bank can not do anything to you if your situation changed. As long as you make the payments as agreed, you will be fine. Only issue would be if you wanted to purchase another home FHA since you already own this one. In that case, you should still be able to qualify as long as you provide the lease for this property and a few other verification items which vary from bank to bank. Good luck with renting your home and in your new place!
1 vote Thank Flag Link Sun Dec 30, 2012
Thank you so much for the information.
Flag Sun Dec 30, 2012
Both of the answers below are correct. Good Luck :-)
0 votes Thank Flag Link Sun Jan 6, 2013
I'm kind of going off of memory here, but I am sure FHA has a 1 year requirement that requirs you to live in it for at least one year as your primary residence. After that you can move out. However if your situation requires you to move out (i.e. such as a job relocation to another state or city), then you should be ok.

Regardless, if you do decide to rent it out, I am a local property manager. I can take care of leasing it for you and managing the home for you. So I take care of all maintenance calls, rent collection, 3 day notices if needed, inspections, marketing, lease signing and compliance, etc. All for a nominal fee. Feel free to visit my website at http://www.CentralOhioHomeRentals.com.

If I could be of any more service to you, please don't hesitate to visit my site and feel free to e-mail or contact me.

Warm Regards,

Kevin Coffey
0 votes Thank Flag Link Mon Dec 31, 2012
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