Posted on: 25th Apr, 2007 05:33 am
My husband and I owned a home with FHA mortgage since the year 2001. The house was up for sale in the market for several months and yet did not get sold. Meanwhile we found another property and signed on the settlement paper. We have abandoned the old house and our listing agreement will expire soon. Should we rent the home so that we can pay for two mortgages together.
If you find a suitable tenant then rent out this house so that you get some financial assistance in meeting two mortgage payments.
Yeah, you can surely rent out the property on which there is an FHA loan. The FHA guidelines require that a homeowner should use the property purchased by FHA loan as a principal residence at least for a year. Since you have bought the house in 2001, therefore you can easily rent it out now.
Thanks.
Thanks.