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Updated over 9 years ago on . Most recent reply
NewFHA rules
I have a primary residence under a conventional loan. I was consider buying a duplex in town with FHA financing in Tucson AZ while renting out my primary residence to collect money to buy turnkey properties out of state.. I have a conventional loan on my primary home. I saw that new rules stipulate you must be 100 miles from your original home to collect rental income when moving into an FHA property. Would this prevent me from renting out my primary residence and collecting rental income? I've tried looking for information on this subject, but was unable to find info. Thoughts?
Most Popular Reply
@John Powell To count rental income in DTI, FHA requires that you have 2 yrs of landlord experience. Looks like you don't have that, so you will not be able to use rental income for qualification.
Upen Patel, Mortgage Banker
Federal NMLS# 1374243