Q&A: Can I rent my home if I have an FHA mortgage on it?

Posted on Aug 8, 2012 in FHA Information

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Question by : Can I rent my home if I have an FHA mortgage on it?
My home has been on the market for almost a year (OH is very slow market right now). I am considering renting it to offset my mortgage expenses, medical but am unsure if there are restrictions because I’m financed FHA that prevent that. Also, help would I need to change my homeowners insurance?

Best answer:

Answer by slipknotmcfadden
Typically, ask 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 section 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

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