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Can I rent my home with FHA loan with mshda down payment assistance?

I bought a home in 2008 when I was single. I've since gotten married and had a baby. We would like to have another. Living in a 775 sq ft home was not feasible anymore. We bought a new home. My mortgage company US Bank has found out that we were renting our previous home and said we could not bc it's a FHA home with mshda down payment assistance. We tried to sell but are unable and I owe too much on it to refinance it. The mortgage company said that I can try to get a waiver but then sent me a threatening letter in the mail. What can I do?
  • August 23 2013 - Niles
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Answers (2)

Profile picture for ElizabethJaneMcGinnis
I'm aware of that. I only have one fha loan. The first house is mshda fha. The second is conventional. The mortgage company on the first house is the one that says I can't rent it.
  • August 24 2013
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You can only have 1 FHA loan at a time. Also, MSHDA requires that you have not been a homeowner for the last 3 years. An exception to this is if you buy in a targeted area. For a complete list of targeted areas go here: http://www.state.mi.us/MSHDA/serve/sf_targeted.html.

Thanks,
Mark
  • August 24 2013
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