Can I rent my home if I own an FHA mortgage on it?
My home has been on the souk for almost a year (OH is very slow market right now). I am considering renting it to thwart my mortgage expenses, but am unsure if there are restrictions because I'm financed FHA that prevent that. Also, would I need to variation my homeowners insurance?
Answers:
Typically, you are required to occupy the property as your primary residence for at least 1 year from when you took possession of the property. However, check your Mortgage document under piece 5 (titled "Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds") to see the specific requirements for your loan. I'm going by a standard Ohio FHA Mortgage template here, but it may be a different section for you.
The Mortgage document may also be titled:
Deed of Trust
Open-End Mortgage
Mortgage Deed Source(s): I am an analyst for a mortgage company.
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Answers:
Typically, you are required to occupy the property as your primary residence for at least 1 year from when you took possession of the property. However, check your Mortgage document under piece 5 (titled "Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds") to see the specific requirements for your loan. I'm going by a standard Ohio FHA Mortgage template here, but it may be a different section for you.
The Mortgage document may also be titled:
Deed of Trust
Open-End Mortgage
Mortgage Deed Source(s): I am an analyst for a mortgage company.
Related Questions: