Asked by Nielsen, P, Elk Grove, CA • Sun Jun 20, 2010
I purchased this house back in 2008 with a FHA loan and refinanced the FHA loan in December of 2009. I am aware of the 12 month owner-occupancy rule but I am wondering if there are exceptions that would allow me to rent out the house instead of selling. I've put over 6k in upgrades to house and If I sell it, more then likely A: I'll be upside down with the house value, B: lose all the money I have invested into the house, C: and get stuck with paying back the full 7k fed. refund I received when I bought the house.
The relocation is about 7 hours away.
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