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Oct 2009 FHA Loan - Can I rent now?

I know those with FHA loans must have their new home be their primary residence for the first 36 months of the loan or they risk paying back the tax credit and other issue.

However, I am 30 of 36 months in on my loan and took a job 70 miles away from the home. Am I eligible to rent out the home early because of my new job? Or must I leave the house empty for 6 months before renting it out?

I can't seem to get a straight answer on this. Thanks for your input!
  • May 08 2012 - Sacramento
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Answers (3)

Best Answer

This has nothing to do with FHA, I believe they are referring to the $8000 for first-time buyers that was offered from January 1 through November 30, 2009. You don't have to pay  it back, provided you continue using the house as your principal residence for at least 36 months after buying. If you sell or stop using it as your principal residence within 36 months,  you have to repay the entire amount of the credit.

There are some exceptions. See IRS Form 5405 for specific details and consult an attorney if you feel you need one for legal advice. 
  • May 08 2012
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See, that's why he is the teacher, uh Professor. I forgot about FTB tax credit as it seems 100 years ago ( I don't read well either :) ).
  • May 08 2012
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I have never heard of a 36 month window to move out and rent the home. You should go back through the closing package you received when you bought the home for any occupancy stipulations. Did you finance with a special program like down payment assistance?  
  • May 08 2012
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