When you buy a rental property using an FHA loan, it's important to note that you must live in that home for at least a year. So, if you buy a single-family home, you'll have to make it your primary residence for 12 months before you can start renting it out.Jul 9, 2019
Can I rent out my FHA home after 1 year?
After living in the home for one year, FHA allows you to rent out the property. Purchase a multifamily unit. As long as you live in one of the units, you can rent out the rest. FHA loans allow you to purchase multifamily complexes with up to four units.Jun 16, 2021
How soon after buying a house can you rent it out?
You should live in your primary residence for a minimum of 12 months before renting it out in order to stay in the good graces of your lender. They will consider extenuating circumstances, however, so be upfront and discuss your options to avoid being accused of mortgage fraud.
What happens if you don't live in your FHA home?
You are defrauding the banks into giving you lower rates and you are defrauding the federal government into backing the loan using a program meant to help people buy a house for themselves. If you are caught you would face jail time and very substantial fines - not to mention losing the home.
Do you have to live in the house with an FHA loan?
To meet the owner occupancy rules, the FHA requires that you live in the property as your primary residence for at least 12 months after the loan closes. The Department of Housing and Urban Development has been known to spot check FHA borrowers to make sure that they are observing the occupancy rule.
Can I move out of my FHA home?
As long as you live in one of the units, you can rent out the rest. FHA loans allow you to purchase multifamily complexes with up to four units. Special circumstances allow you to rent out the property if you suddenly need to move, or have a new family member.Jun 16, 2021