AirBnB illegal under FHA loans?
I was perusing some closing work when I came across a form that talks about Hotel and Transient Use of Property Form Sec 513.a states that "long as mortgage insurance is outstanding, no portion of the housing covered by any such mortgage shall be used for transient or hotel purposes."
So does everyone who has an FHA loan with mortgage insurance not allowed to do AirBnB because of this rule? I am sure many people disregard it, just was wondering.
Appreciate any replies!