Can you rent out an FHA financed property?

[Hae-Yuan Chang]

Hi there!

I have a unique situation where I live in a student cooperative (for around 3 years) that my roommate currently owns. There are currently seven roommates. I am going to purchase the property from her and would want to continue to rent out to those roommates. I am getting unclear answers about FHA loans and the ability to rent it out, so I was wondering if you guys could help me out.

Thanks so much! 

[Joe Fornasiero]

Hae-Yuan Chang If you live there you can rent it out. If you plan to move out you must live there for a year before moving out and renting the other units