Asked by Rondokye, 18102 • Wed Feb 16, 2011
I purchased a home in Allentown in 2007 with an FHA loan and its been my primary residence ever since. I have excellent credit and have always paid my mortgage (and all other bills) on time. I am not house poor because I was a responsible home-buyer. I'm now getting married and my fiance owns a home as well. We decided to live in his home because his is in a better location, although I now have to commute to work. According FHA, I am not allowed to rent out my home. They told me that if I do not live there as my primary residence, my only options are to sell or refinance, or they will 'lock it up.' With today's market, I don't believe that it will appraise high enough to sell or refinance. I contacted my state senator and his office contacted FHA, who gave me 18 months to figure this out. Has anyone delt with this before? I feel as if I am being penalized for being a responsible person.
Real Estate in Allentown
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