Can I rent my fha financed house. Bought it with my ex and need to assume it with my husband can I do that with an fha loan?

Asked by Hortgirl64, Eastampton Township, NJ Fri Jun 10, 2011

I bought the house with my ex before we were married and 6 months after we were married he left and dumped the house on me. I continued to live in the home until I met someone in the Air Force and moved to be with him. I rented the house not knowing fha guidlines and now they are saying I am in default on the loan because it is not owner occupied. I lived in the home for 3 years and I didn't want to stop making payments on it and that is why I rented it out.
In the divorce papers I was supposed to refinance within 12 months if I wasn't approved then I was supposed to keep trying. Well I never actually tried because I talked with the bank about it and I knew I wouldn't be approved. Now he served me with contempt of court papers and I am trying to figure out my options for this loan and if I can assume it with my new husband or if I must refinance it as an investement property. The bank is not being helpful with the fha loan they just want to me refinance so they can have more money.

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Brenda Feria, Agent, Richmond, VA
Fri Jun 10, 2011
Hortgirl64,

According to my limited knowledge of FHA, Fha loans are assumable, but you have to be qualified just as you do with any loan. The difference would mean less closing costs and the same rate of interest. Additionally, you would owe 27 years instead of 30. You may rent out a house with an Fha loan if you have had the loan for 12 months. You need to contact the bank that is servicing your loan and ask for an FHA assumption package. It will have the information that you need to assume the loan, if you and your new husband qualify. Good luck.
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