FHA Mortgage Stipulations
I want to either rent or do a land contract for my home. We have found another house that we are interesetd in. My current mortgage for this house is FHA. Is there any stipulations under FHA guidelines that will prohibit me from renting or selling this house under land contract? by clgeiling from Midland, Michigan. Dec 23rd 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
Basically what you want to do is keep an existing FHA mortgage on a home you will be converting to an investment property. FHA loan are for primary residences only. Moving from one primary residence to another and keeping an existing FHA loan in place is one of the exceptions to this rule. Are you aware that the FHA loan can be assumed by another buyer of the property?
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