Can I rent the house I live in if it's in a VA loan?

[Richard Miller]

I just want to confirm with my BP family can you rent your current home if it has a VA loan or do I have to refinance FHA? Any other options? Have about 80k equity. Plan to house hack my next project.

[Chris Mason]

Hi @Richard Miller,

When you purchased the home, one of the 125 documents you probably signed (probably without reading) included you promising to live there and owner occupy for a year.

Another of those 125 documents you probably signed (probably without reading) included the "assignment of rents" agreement, wherein you agreed that if you ain't paying your mortgage, you ain't allowed to collect the rent.

Putting two plus two together, if you lived there for a year, and are paying your mortgage, you're allowed to collect rental income while keeping your VA loan in place.