You will see: http://fhamortgageinfo.com/
Below is the answer to your question. You are only required to live in the property for only one year. After that, you are allowed to lease out your property. Given that you have resided there since 1998, I think you are very safe to lease out this property. Unfortunately, the Customer Service Rep must not have never read #5 of the FHA Deed of Trust. Here it is below as a reference:
5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrowerâ€™s Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrowerâ€™s principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrowerâ€™s principal residence for at least one year after the date of occupancy, unless Lender determines this requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrowerâ€™s control.(THERE IS MORE TO #5, BUT THIS IS PERTINENT TO YOUR SPECIFIC QUESTIONS.)
I hope that this clarifies your question and has eased your worries.
All the best to you!!!
Dianne Y. Ayala Steffey, MBA, CLU, ChFC, NMLS#267658
Your Personal Mortgage Consultant for Life!
Sterling Mortgage Services NMLS#373771
2929 Mossrock, Ste 222
San Antonio, TX 78230
The rule that you cannot rent does not apply for eternity. You can clearly rent the place and do not bother talking to FHA about it. Just do it and move on. If you must feel the need to contact them, ask them to show where it says you cannot rent. If you have the loan documents read them carefully and see what it says. You will see.
My response to the question asked by Firemans Girlfriend was correct. Firemans Girlfriend DID NOT ask whether or not someone is allowed to have multiple FHA loans at the same time. The question simply asked whether or not she could (legally) rent out the house.
Loan officers receive a bad rap when they give poor advice. The advice I gave was for their own piece of mind, and correct. I suggest you should probably read the questions a little more carefully next time before you go and attack someones knowledge and credibility, especially on a public forum.
Have a great day!
No one is getting upset here. I just used you as an example as to one of the reason's we as loan officers get a bad rap with lack of knowledge and the inability to guide someone to the correct answer. Nothing is worse than having the borrower go on a wild goose chase.
Fortunately. I spoke to Firemans Girlfriend over the phone and guided to the right dierction.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
It appears you're getting upset for no reason. Most loan officers that are still left in the business are knowledgeable, at some point. The fact that FHA does allow a borrower to have 2 loans at once, under certain circumstances, is not a big secret. So please, try to refrain from acting high and mighty. I suggested they look through their closing papers mainly for their own piece of mind, so they can rest assured that the current lender will not come after them for any reason.
Guys, Do your homework. FHA will allow you to purchase another home with an FHA loan and keep the existing one without having to sell or refinance. There are certain cirumstances in which you can do this, i.e family increasing/relocating. No need to scramble through piles of old junk to find the closing papers. This is ridiculous and quite honestly as bad of info as what your bank gave you.
Unfortunately, servicing banks hire clueless employees waiting for the clock to turn 5pm and some brokers just don't know the guidelines. Monkey jobs......
If you have any FHA questions, Call the expert!
Manager/Senior Mortgage Banker
Good Luck & Feel Free to let me know if you need help!