Can You Rent Out an FHA Property?
Simply because you financed your home with a Federal Housing Administration loan does not mean that you will want to remain in that home forever. You may have purchased that home with the intent of living there for a while, then renting it and using the home as investment property in the future. There are a variety of other reasons that you may wish to rent your home rather than sell. The classification of your property as FHA property does not prohibit renting it altogether, but it does place limitations on some of your ownership rights.
What is FHA Property?
FHA property is property that is approved for Federal Housing Administration financing. FHA financing means that the federal government insures the loan you obtain from a commercial lender. It also allows for lower down payments than traditional mortgages and most of the closing costs and fees can be included in the FHA loan, so the borrower does not have to come up with as much cash in order to purchase a home.
Restrictions for FHA Property
Prior to purchasing your home, the property must have been approved for FHA financing. When you purchase a home with an FHA loan, you must intend to use the home as your residence. You are required to occupy the home within sixty days of the date that you purchase it and you must live in the home for one year from the date you moved in.
Renting Out an FHA Property
Provided you satisfy the rule that you have lived in your FHA property for at least one year, you may rent it. The Federal Housing Authority is very strict about this rule and will randomly check properties on which it has guaranteed loans to determine whether it was occupied within 60 days or for at least a year.
Other Considerations
If you own a condo, co-op or other property that was financed by an FHA loan, even though the FHA rules will not prohibit you from renting out your property, you will need to check the rules for your condo, co-op or neighborhood association. Sometimes these groups place restrictions on the percentage of properties that may be rented at all or complete prohibitions on renters. Also, if you have one FHA loan, it may be very difficult to get a second FHA loan.
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