FHA LOAN HELP!

[marvel2]

HELP! We were just approved for an FHA loan. We couldnt get approved for a conventional loan which is what we wanted. Our first home we bought conventional and we are not planning to sell the home we have. If I get an FHA loan for the second property..Can it be rented out? Does anyone know or would I have to rent my house and move to that home?
Thanks for any help.
Marvel2, PA

 

[David J. Miller]

I am not an attorney but I am a mortgage consultant so what follows should not be construed as advice. The loan application that you completed asks specifically if you intend to occupy the subject property as your primary residence. At closing, you will most likley be asked to sign an owner occupancy statement indicating your intent to occupy the home. If the application indicates you are not intending to owner occupy and you are not asked to sign an owner occupancy statement, you will not be required to occupy.

To be sure, check page 3 of the application under the heading "declarations."

The application and the owner occupany statement reads someting like this: There are civil and criminal penalties for knowingly making false statements on an application and doing so could be construed as fraud.

One final note: If you occupy the home and then later decide to move and rent the home, FHA will allow this. Read all of your documents from the mortgage lender.

 

[marvel2]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by David J. Miller:
I am not an attorney but I am a mortgage consultant so what follows should not be construed as advice. The loan application that you completed asks specifically if you intend to occupy the subject property as your primary residence. At closing, you will most likley be asked to sign an owner occupancy statement indicating your intent to occupy the home. If the application indicates you are not intending to owner occupy and you are not asked to sign an owner occupancy statement, you will not be required to occupy.

To be sure, check page 3 of the application under the heading "declarations."

The application and the owner occupany statement reads someting like this: There are civil and criminal penalties for knowingly making false statements on an application and doing so could be construed as fraud.

One final note: If you occupy the home and then later decide to move and rent the home, FHA will allow this. Read all of your documents from the mortgage lender.
<HR></BLOCKQUOTE>

THANKS FOR YOUR RESPONSE....IT WAS HELPFUL!

 

[marvel2]

Thanks for your response, it was helpful! <BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by David J. Miller:
I am not an attorney but I am a mortgage consultant so what follows should not be construed as advice. The loan application that you completed asks specifically if you intend to occupy the subject property as your primary residence. At closing, you will most likley be asked to sign an owner occupancy statement indicating your intent to occupy the home. If the application indicates you are not intending to owner occupy and you are not asked to sign an owner occupancy statement, you will not be required to occupy.

To be sure, check page 3 of the application under the heading "declarations."

The application and the owner occupany statement reads someting like this: There are civil and criminal penalties for knowingly making false statements on an application and doing so could be construed as fraud.

One final note: If you occupy the home and then later decide to move and rent the home, FHA will allow this. Read all of your documents from the mortgage lender.
<HR></BLOCKQUOTE>

 

[marvel2]

Your response was helpful....THANK YOU!