Home Buying in 60622>Question Details

Shayran, Home Buyer in 90804

Hello! I am a first time home buyer and will be using an FHA Loan to buy a duplex. I plan to live in the

Asked by Shayran, 90804 Fri Jun 5, 2009

front unit while renting out the back unit. Is this possible to do this with an FHA Loan? I wasn't sure because I've read somewhere that you cannot rent out FHA Loan properties.

Help the community by answering this question:

Answers

4
This is possible. As long as you live in one of the units it will be considered owner occupied and your primary residence and FHA would be no problem. You may even be able to use the rental income to offset your DTI for qualifying.

If i can assist you with your loan please let me know. I am available in the evenings and weekends.

David Cruickshank
Ardain Mortgage Corp
847-354-5455
davidc@ardain.com
0 votes Thank Flag Link Sat Jun 6, 2009
Shayran,
You need to talk to a mortgage specialist on this. Based on what you are buying( a duplex)- it will have 2 pin numbers, thus it is two different properties. You can do one FHA as your primary residence, but the second is not going to be your primary residence, thus not FHA eligible as far as I know. Again, I am not a mortgage person, but this is my understanding of FHA and your question.

Mark Karambelas
Baird and Warner
0 votes Thank Flag Link Sat Jun 6, 2009
0 votes Thank Flag Link Fri Jun 5, 2009
The best advice I could give you would be to talk to your loan specialist. They should be able to answer all your mortgage questions. Good luck!!
0 votes Thank Flag Link Fri Jun 5, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer