Rent it fully after a year?

[Carlos C.]

Hi everyone!

I want to know if the following statement is true:

"If I buy a house using FHA, live in it for a year, and then rent it to a family which signs a Lease for a year. When I turn around and try to buy another house, they would NOT include the rent of the first house as income to qualify for my next loan because the house still doesn't have enough equity on it, since I only gave 3 or 4% down"

Thanks!