Posted on: 06th Feb, 2010 09:38 pm
I am thinking of getting a USDA or FHA Loan, and I was wondering what the guidelines are - if I would be allowed to rent the entire house out after a period of months/years while still under the loan?
Thanks
Thanks
Hi konaluke,
To qualify for an FHA Loan first you need to have a credit score of at least 620 or more, you need to have enough income so that you can pay back the loan. Whether or not you can qualify for the loan depends also on your reliability.
As for the USDA Loan, it depends on the country and the zip code where the house is, your current income and obviously your credit history.
Whether or not you can rent the house taken under FHA and USDA Loan depends on the terms and conditions of your loan. For this you can contact the lender who may provide you with the loan.
Regards,
Lydia.
To qualify for an FHA Loan first you need to have a credit score of at least 620 or more, you need to have enough income so that you can pay back the loan. Whether or not you can qualify for the loan depends also on your reliability.
As for the USDA Loan, it depends on the country and the zip code where the house is, your current income and obviously your credit history.
Whether or not you can rent the house taken under FHA and USDA Loan depends on the terms and conditions of your loan. For this you can contact the lender who may provide you with the loan.
Regards,
Lydia.