Can i rent my house out?? Question about owner occupancy

[Austin Sanne]

Ok i am just curious about the owner occupancy guidelines on a fha loan...it says you must reside in the property for atleast one year..ok ive been in the house for 4 years so im not worried about that but then i found out that the loan is backed by NIFA ( nebraska investment finacial authority) and they say you must be in the home for the life of the mortgage but they state that if you dont occupy the home for a continuos year all that happens is you cant deduct the interest on the mortgage for income tax purposes..but it in another spot it also says they might be able to foreclose or want full payment of loan if your found to not be the occupant..so can i rent my house out or what?? i didnt commit fraud as ive been in the home for 4 years..and will they even care beings the payments are still being made? also i would be keeping the 2 car garage as storage with items of mine in there...would renting the house cause serious problems or would i be ok?? please help!

[Brian Egr]

Sounds like they have an alienation cause in the loan, so yes they could request payment in full on the loan if you are not and owner occupant. Chances are they wouldn't, but they could if they wanted to. Why don't you just refinance to a conventional loan and rent the house out?