Updated over 9 years ago on . Most recent reply
FHA loan
hey guys! I've been trying to find an answer to my question everywhere, but I'm unsure where to look. I have an FHA loan in souther Indiana and I'm trying to rent out my house because I have moved for work. I'm not sure if I have to change my loan type in order to rent it out?
Most Popular Reply
@Lee Smith is right. You will change your homeowner's policy to a rental property policy.
If you occupied the home for 1 year, then there is no requirement for you to live in it, and no restriction as part of FHA for renting it out. If you lived there less than a year, you have moved for work which typically constitutes a valid reason.
Read that long paper you signed when you got the loan that tells you all these things ;)