Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

10
Posts
3
Votes
Ate Etim-Edet
3
Votes |
10
Posts

question on HUDS "Borrower's Contract with Respect to Hotel and Transient Us"

Ate Etim-Edet
Posted

Hello BP family,

I recently purchased my first triplex here in NE DC. I'm staying in one of the units, the other ones already came with tenants. Of course I used an FHA loan to close the deal. My question is a signed a HUDs Borrower's Contract with Respect to
Hotel and Transient Use of Property (92561). Apologies if this has been asked a million times but does this form basically mean I can't AirBnB a room out in my own unit if it's less than 30 days? I'm looking at the specific section below. 

Section 513(a) of the National Housing Act, as amended,
provides that as long as mortgage insurance is outstanding,
no portion of the housing covered by any such mortgage shall
be used for transient or hotel purposes;

The Secretary has defined the term transient or hotel
purposes to mean (1) any rental for a period less than 30
days, or (2) any rental if the occupants of the housing
accommodations are provided customary hotel services such
as room service for food and beverages, maid service,
furnishing and laundering of linen, and bellboy service.

Thanks,

Ate

  • Ate Etim-Edet
  • Loading replies...