Board Topic: Rules for rental of FHA mortgage
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Rules for rental of FHA mortgage

Posted by: jroswald Nov 8 2004, 09:15 PM
I have recently taken a job that provides(requires) housing on grounds. My mortgage of my current home is an FHA loan and I would like to rent the property rather than sell it. Can I rent the property and can I still take advantage of Homestead tax breaks if this is the only property I own?

Posted by: loanuniverse Nov 8 2004, 10:35 PM

Renting of the property is subject to any occupancy clause that might have been in the loan. It is my belief that the homestead exception laws require that you use the residence as your primary residence, so you will probably lose that. Of course, it depends on the state.

- You need to review your loan documents.
- You need to ask a local attorney {I am not one}.

Good luck

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