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Can I rent my home without penalty?

I purchased my home in October 2009. It has been my primary residence for almost 3 years. I recieved the $8,000 first ime home buyer's credit and financed the home with an FHA loan. We refinanced our home through the FHA streamline process in November of last year. Can we rent the home out with no issues from either FHA or the federal government? 
  • April 26 2012 - West End
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Answers (2)

Wet Dawgs is correct.  For the full story go to the irs website at irs.gov.

Search for "First Time Homebuyer Requirements" and you will see a list of all scenarios where the credit must be paid back to the IRS.

November is just around the corner.  Sit tight and keep you 8k.

Good luck,

John
  • May 12 2012
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Profile picture for wetdawgs
In Nov 2012 you will be able to rent your home without penalty.   If you move out and rent it earlier than that, you won't be complying with the requirement that it is your primary residence for three full years from purchase date.  www.irs.gov
  • April 26 2012
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