Bought a house with first time home buyer. Can i rent it out?

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Bought a house with first time home buyer. Can i rent it out?

Christopher Hatley
Homeowner · Little Rock · Member since 2020 · 1 post · 0 votes

Hello! I bought a house a little over two years ago with a first time home buyer loan. The loan stated that I agree to stay in the house for 7 years. Now i want to buy another house using my VA loan that I can live in. Is there any way I could still rent out my house that I got by using the first time home buyer loan without paying the money back that they loan me for my down payment?

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Stephen J DavisBusiness Member
Rental Property Investor · Houston, TX · Member since 2017 · 529 posts · 467 votes
6y

You will need to look at your closing documents to find out. I would think 2 years is long enough but you mentioned something about 7 years being in the contract. Get a RE attorney to review the docs to be sure.

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  • Stephen J DavisBusiness Member
    Rental Property Investor · Houston, TX · Member since 2017 · 529 posts · 467 votes
    6y

    You will need to look at your closing documents to find out. I would think 2 years is long enough but you mentioned something about 7 years being in the contract. Get a RE attorney to review the docs to be sure.

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  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    6y

    Different loans have different requirements. Some loans don't allow you to rent out at all. Others require you to wait 1-2 years. Read the closing documents and it will tell you.

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  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    Owner occupancy requirement is typically 1 year and 1 day but you can refer to your lender for that info or your closing attorney. 

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