Posted on: 30th Aug, 2008 04:28 pm
Can the owner of a FHA financed house lease the property to someone until they have a good enough credit score to purchase the property?
Hi guest,
Welcome to forums.
I hope you have taken out the FHA loan in order to purchase the house, right? And, FHA loan needs you to have minimum 580 score in recent times. So, do you have a comparatively lower score?
After you take out a mortgage, you may be able to offer the house on lease but it depends on the contract you've signed. Ask your lender if he'll allow you to do so because he has an interest in your property after having offered you the loan.
Thanks
Welcome to forums.
I hope you have taken out the FHA loan in order to purchase the house, right? And, FHA loan needs you to have minimum 580 score in recent times. So, do you have a comparatively lower score?
After you take out a mortgage, you may be able to offer the house on lease but it depends on the contract you've signed. Ask your lender if he'll allow you to do so because he has an interest in your property after having offered you the loan.
Thanks