During some late-night thinking, I thought of a question I'm assuming someone would have an answer to. So, if you buy your first investment property using an FHA loan, one of the requirements is that it is your primary residence.....does this limit how many times you can rent out your personal unit using AirBnb???
According to the FHA official site, "A principal residence is a property that will be occupied by the borrower for the majority of the calendar year."
If you are planning to take a vacation and rent out your unit for a week, the unit would still be your principal residence. I don't know of any regulation stating that you cannot collect rent on your unit. I don't see a difference if you were to buy a single family home using an FHA, and rent out a couple of the bedrooms to your friends. Maybe someone else here can chime in if there is something I'm not thinking of.
I'm confused... you said your first investment property is using an FHA? do you mean it will become your first investment property after a year of living it in?
cause first one is not going to fly. however if you live in it and rent out a room for airbnb I don't think that's an issue. I'd check your states laws on that more than FHA rules though
@Anthony Bonacio This all comes down to what you are willing to tell your lender. They won't be knocking at the door to verify if you live at the primary residence. I know a few people that have their mail going to their rental to avoid any suspicions though. Once the property is in your name you are usually free to do what you will. Also if anything does come up your job sends you out of town for weeks and days at a time and you have people in your house to look after it right...
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