I have an FHA loan that was recently streamline refinanced we have lived there 4 years. Can I buy another home (conventional) and rent out this home?

Asked by New Hire, Milwaukee, WI Fri Jan 14, 2011

Do you have to live in the home for one year from the original purchase date or one year from the streamline refinance date. Where would I find this information?

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5
Wisconsinmor…, , Wisconsin
Mon Dec 24, 2012
After 12 months of your closing it is likely you can do that. Thank you
0 votes
Richard Mals…, , Fresno, CA
Fri Jan 21, 2011
Tony is right...read your new agreement. Most likely you will not be able to rent it out though.
0 votes
Jay, , Milwaukee County, WI
Fri Jan 21, 2011
No you can't rent it out under FHA guidlines. FHA loans are only for owner occupied properties.What you can do is refinance it into an Investment Loan. I can help you with that.
0 votes
None, Agent, Summit, WI
Sat Jan 15, 2011
FHA loans are only for primary residence and borrowers must live in the property for at least 12 months as their primary residence in order to have satisfied the requirement for HUD/FHA (subject to some exception ) however the property can be placed as rental after such period.

You can verify this by checking through your loan paperwork (tedious!) or giving your loan officer a call on Monday.
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Fri Jan 14, 2011
You should review the new agreement that you just signed when you did the refi , and possibly do that with an attorney, to be safe.
0 votes
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