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Updated over 6 years ago,
Lets settle this once and for all: CAN YOU RENT AN FHA SFR HOME?
So I bought a SFR this year with an FHA loan, and while I thought it would be a good decision then, I realized quickly how ill-prepared I was for home ownership. I no longer want to live here, but I would still love to make this my first investment property and begin my real estate investing career. I've been told my different people that you can actually rent out an FHA loan financed house without actually living there, so long as you have been the owner-occupant at least 1 year from the date of purchase. But for every source saying you can, there is another source saying you CANNOT. The way I understand it is when you buy a house with an FHA loan, you are committing to living there and buying the property f inor yourself, and therefore cannot rent out the house even if you have been there for a year.
Is this true??? Can you actually rent out an FHA loan after 1 year, or any amount of time, or is that not allowed?
Please any advice or input ANYONE has on this topic would be EXTREMELY appreciated. Thank you profusely in advance.