Buying with and FHA loan and renting right away.
Hello, I'm under contract on our first house and was wondering ...
I understand that it is Mortgage fraud to rent out a property you just purchased with and FHA loan without living in it for 1 year.. But is it ok to rent out 2 of the bedrooms and live in one of the bedrooms right after closing? I just need to make sure this is legally ok. I heard of allot of people doing this with multifamily properties that are purchased with and FHA where they live in one of the units and rent out the others so they dont have to wait one year to legally rent them out but this also work with a Single Family home? And how does this compare with using a conventional loan? Do you still have to wait 1 year to rent it out or does it differ from the FHA loan and you can rent it right away. Thank you in advance for your feedback!