What should I know before renting a house with an FHA mortgage?

Answer by  patti (29325)

You may be able to rent the property after you have lived in it for one year. Check the closing package for the documentation of your intent to occupy the property and the details contained in that document.

Answer by  Sam61 (20)

FHA stands for Federal Housing Admnistration and as long as you are just renting the house there is nothing you need to know or worry about. Its just a type of mortgage nothing else.

Answer by  Gabriel (2146)

If your renting there's nothing you need to know. The mortgage is for the owner to deal with. You need to know what provisions your lease has regarding foreclosure.

Answer by  Liz59 (10966)

Well basically, you can not rent out your house with an FHA mortgage. You also should be aware of the taxes associated with it.

Answer by  LindaJ (19)

A person that is buying a house that meets certain FHA standards might qualify for an FHA mortgage. If you are renting a house that meets these FHA standards, it's likely to be in pretty good shape as far as maintenance and some details: good roof, hand rail to go upstairs.

Answer by  GilFinn (2065)

Make sure you have complied with the Owner/Occupancy rules. You are required to occupy the home yourself for the amount time specified in your loan contract.