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Updated about 7 years ago on . Most recent reply

Account Closed
  • Chicago, IL
29
Votes |
88
Posts

Questions on FHA Forgivable Loan

Account Closed
  • Chicago, IL
Posted

So, I got a owner occupancy notice from IHDA today to remind me that I must occupy the property as my principal residence for a period of 5 years. 
If I'll sell or move out of the house, I'll have to pay the amount back.

Question:
Can i rent out the property to someone else ?
Can i sell the house on a lease option/purchase agreement ?

I tried looking for the answer but haven't found clear instructions anywhere.

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