I'm wondering if it's legal to rent out my FHA property?
I believe the guidelines are you need to owner occupy one year.
As long as you meet the requirements. Your lender documents should spell out exactly what requirements you have to meet.
Ok, thank you all.
When you took out the loan you most likely signed a document that said you “intend” to live there 1 year. Intend.
If it's a single family - you have to live in it for at least a year before you can rent it out.
If its a 2-4 units - you can rent the other 3 units right away as long as you live in one of them for a year
You can also immediately rent out extra rooms in your home even if it's a FHA loan (in case that is something you or another reader is considering).
Yes, after you live in one for a year, you can rent that unit out as well
@Nathan Guyette you will have to refi into a different type of loan FHA is only for owner occupied properties, in addition they do not want people to purchase properties for investment purposes using the program, I believe they spell that out in their guidelines
@Nathan Guyette as long as you occupy the property for 1 year, then you can rent it out. You do not need to refinance out of FHA to rent it out.