Inquiringmind, Home Owner in Ohio City, Cleveland,...

Am I stuck with having to dwell in my home for the duration of the FHA loan? I got the 2 fam house in '99 and lived in it ever since.

Asked by Inquiringmind, Ohio City, Cleveland, OH Wed Dec 8, 2010

I'm getting married, and will need to move with my new spouse. The house is a 2-family; the only option in this market is to rent it out for now. Are there any stipulations/exceptions for someone in my position? I've checked HUD/FHA for a manual or handbook, but didn't see anything related to what I'm asking, and the lender is not being very helpful, making me feel trapped. Please direct me to any helpful, up to date resources you have. Thank you!

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Kelli Glover, , Cleveland, OH
Wed Dec 8, 2010
Hello InquiringMind,

That is a good question to ask.

So here's the skinny:

As long as your intention was to move into the home and live in it as an owner occupant then there is no law stating you can't move and rent the home.

I would consult a Real Estate Attorney to look over your loan documents to make sure there are no exceptions and to make sure you comply with the law when renting the home out.

Should you need names to real estate attorney's you can contact me.

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Kelli Glover
Keller Williams
Direct: 216-272-3877
Fax: 440-808-9344

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1 vote
Lenderbradfo…, , Cleveland, OH
Tue Dec 14, 2010
Sorry to be late in offering an answer here. I am a loan officer in Northern Ohio. FHA does have rules that if met would allow you to keep the current home and purchase another home for you and your family. The rules are specific and only talking with a lender is the way to determine if you meet the Guidelines. Another Variable is if used the OHFA first time Program. There are rules there that make it more difficult to convert your current property to a Non Owner Occupied Property.
0 votes
tom roberts, Agent, powell, OH
Wed Dec 8, 2010
Inquiring,someone can assume loan,depending on ur rate,I can put you intouch,to work w/someone up there,if you'd like,to rent it w/options.where are you moving to etc...

0 votes
Don Tepper, Agent, Burke, VA
Wed Dec 8, 2010
Answer: No. You're not stuck.

As Kelli notes, the question was whether you were honest about living in the place at the time you got your loan. Since you've been there since 1999 (11 years), your intentions were clearly honorable. People get married, move, and rent out their previous homes all the time.

Check with a Realtor (who you might choose to use to rent out your property) for more information.

Hope that helps.
0 votes
Joe Peffer, Agent, Columbus, OH
Wed Dec 8, 2010
Not sure what you're asking here, IM.
IF the question is are you required to live in the home while you are paying the mortgage, the answer is no. When you closed on the home you may have signed something that said you intend to live in it. You have lived in it for over ten years now. Obviously, just keep making the mortgage payment.
The best reference is the paperwork you signed when you bought the home. There is no requirement that you continue to live in the home. Remember though, that if you sell the home you should sell it so that you are able to keep the capital gains taxes which would would mean during a time frame in which you lived in the home 2 of the last 5 years.
0 votes
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