Best answer
After living in the home for one year, FHA allows you to rent out the property. Purchase a multifamily unit. As long as you live in one of the units, you can rent out the rest.
People also ask
Should you rent out your new home when buying it?
New home buyers may want to strategically pick the home they purchase if they plan to rent out the home. Remember, financing the home as an owner-occupied property would mean a significantly lower downpayment. Borrowers would also have the benefit of a lower interest rate, as well as a number of other distinct advantages.
Can you rent out the home you buy as your primary?
Renting Out the Home You Bought as Your Primary Residence. New home buyers may want to strategically pick the home they purchase if they plan to rent out the home. Remember, financing the home as an owner occupied property would mean a significantly lower downpayment.
What should I do if I rent out my home?
If you’re renting out a portion of your home, secure and separate the rental area from the rest of your home. Ensure smoke detectors are in good working condition. Equip the kitchen and each floor of the home with a fire extinguisher.
Can I turn my house into a rental property?
But now, you have a good reason for turning it into a rental property or vacation home. Generally, the terms of the mortgage or deed of trust state that it is your 渋ntention?to occupy the property as a primary residence for at least 12 months (if there is an investment or second home rider to the mortgage/deed of trust, no worries). Guess what?