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Updated almost 5 years ago on . Most recent reply

Christopher Hatley's profile image
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Christopher Hatley
  • Homeowner
  • from Little Rock
  • Member since Jan 31, 2020
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Christopher Hatley's profile image
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Christopher Hatley
  • Homeowner
  • from Little Rock
  • Member since Jan 31, 2020
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Christopher Hatley
  • Homeowner
  • Little Rock
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General Landlording & Rental Properties

Bought a house with first time home buyer. Can i rent it out?

Christopher Hatley
  • Homeowner
  • Little Rock
Posted

Hello! I bought a house a little over two years ago with a first time home buyer loan. The loan stated that I agree to stay in the house for 7 years. Now i want to buy another house using my VA loan that I can live in. Is there any way I could still rent out my house that I got by using the first time home buyer loan without paying the money back that they loan me for my down payment?

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Stephen J Davis's profile image
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Stephen J Davis
  • Rental Property Investor
  • from Houston, TX
  • Member since Sep 25, 2017
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Stephen J Davis's profile image
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Stephen J Davis
  • Rental Property Investor
  • from Houston, TX
  • Member since Sep 25, 2017
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Stephen J Davis
  • Rental Property Investor
  • Houston, TX
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Stephen J Davis
  • Rental Property Investor
  • Houston, TX
Replied

You will need to look at your closing documents to find out. I would think 2 years is long enough but you mentioned something about 7 years being in the contract. Get a RE attorney to review the docs to be sure.

  • Stephen J Davis
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