fha loan

7 Replies

With an FHA loan is there a certain amount of time you have to live in the home before you can rent it out?

Originally posted by @Samuel Wynn :

With an FHA loan is there a certain amount of time you have to live in the home before you can rent it out?

You have to owner occupy the property for at least 1 yr for a FHA loan.

I read a few of your comments and I tell you're very knowledgable. I'm trying to prepare myself for a 203k loan. Is it anywhere that you would recommend me finding comprehensive information about it?

Upen Patel

Yes, 1 year it is.

@Upen Patel  

To follow up on @Samuel Wynn 's question...is it possible to buy another property with another owner-occupied 5% down FHA loan after the 1 year? Or would you need to refinance out of the 1st FHA loan?

Originally posted by @Rob Brautigam :

Yes, 1 year it is.

@Upen Patel 

To follow up on @Samuel Wynn 's question...is it possible to buy another property with another owner-occupied 5% down FHA loan after the 1 year? Or would you need to refinance out of the 1st FHA loan?

You can only have 1 FHA loan at any given time. So if you buy a property using FHA and want to buy an another one after 1 yrs, then you either have to sell the property or refi it away from FHA.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

Originally posted by @Upen Patel :
Originally posted by @Rob Brautigam:

Yes, 1 year it is.

@Upen Patel 

To follow up on @Samuel Wynn 's question...is it possible to buy another property with another owner-occupied 5% down FHA loan after the 1 year? Or would you need to refinance out of the 1st FHA loan?

You can only have 1 FHA loan at any given time. So if you buy a property using FHA and want to buy an another one after 1 yrs, then you either have to sell the property or refi it away from FHA.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

 Awesome, I appreciate the quick reply. Refi it is!

@Upen Patel -- thanks for the extremely helpful answers! I'm looking at a triplex right now, and considering the possibility of living in one unit for a year in order to take out a FHA mortgage. Meanwhile, I'd spend that year renovating the building and upgrading tenants in order to facilitate a refi.

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