Forgotten Your Password?

Need to Register?

Question Icon

When can i rent out my FHA home?

How long after closing do you have to wait to rent out fha home? by antsca_272_927 from Hoboken, New Jersey. Jul 30th 2012 Reply


Mortgage Rate PA (MortgageRatePA.com)
#29 ranked lender in Pennsylvania - 6 contributions

12 months is a good rule of thumb. I would wait at least that long. The main thing is if there was a life event such as loss of job or any other major event you may be able to do it sooner but consult with your lender first. Good Luck,<a href="http://www.mortgageratepa.com">Mortgage Rate PA.</a>

Jul 30th 2012
2
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,654 contributions

Under current FHA guidelines, 12 months is the required time that you must live in the property prior to making it a rental. There are exceptions to this rule such as a job transfer or increased family size but the general rule is 12 months. If you rent out your home sooner than 12 months and the mortgage payments are all paid on time, generally there will never be an issue. Really the only time you ever get in trouble is if the loan goes into default. At that point the lender will look at ways to come after you legally for any losses they might acquire. So for that reason it is best to stick to the 12 month rule.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 30th 2012
1
0
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

if you are looking to rent out the whole home then 12 months. If you are looking to rent out a room or section I would consult with an attorney. If you you to purchase another home I can help you, my office is 15 minutes away from Hoboken. Call me 347-231-4444

Jul 30th 2012
1
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

12 months

Jul 30th 2012
0
0
Gary H (Mod.Specialist)
#71 ranked lender in New York - 25 contributions

You have to live there for a year before renting it. If you rent out the home before that and the FHA finds out, you may have to pay a fee that is outlined in your loan documents. There are two exceptions to this rule. One is if you are moving to be closer to a job that is outside of reasonable commuting distance from your current home. You would have to show a minimum one-year lease and proof of a security deposit or first month's rent. The second exception is if you have increased your family size and have to get some place larger to accommodate your new family. Be prepared to show documentation to back this up and to provide a letter and support for why your old home is too small.

Jul 30th 2012
0
0
Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

It depends on the type of FHA mortgage you have - the answer is "never" if it's an FHA-insured Reverse Mortgage.

Jul 30th 2012
0
0
Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 792 contributions

pretty much covered

Jul 30th 2012
0
0

confused?...does the FHA contact the IRS ? how does that work?so if i decide to rent out my FHA home do i have to list the FHA home on my tax return or my new home?

Jul 30th 2012
0
0

THE 12 MONTHS AND MOVING BECAUSE OF JOB CHANGE OR PURCHASE A LARGER HOUSE DUE TO GROWTH OF FAMILY IS TRUE IF YOU TRIED TO REFINANCE. AFTER CLOSING YOU CAN RENT IT OUT 4 DAYS AFTER CLOSING

Jul 31st 2012
0
0
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You will have to list the property on a schedule E of your tax return if you rent it. The reasons for renting it out are the most important factor. Give me a call so I can better understand exactly what you are trying to do and then I can advise you. My office # is 908-933-0253 ask for Peter (cell:347-231-4444). or email me a detailed scenario at Pbotros@omegaloans.net

Jul 31st 2012
0
0
Subscribe to our news feed.