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With an FHA loan am I allowed to rent rooms to roommates?

        If I have a home on an FHA loan is it possible to rent rooms and common areas to roommates during the first year if I am occupying the home as well?
  • December 30 2013 - US
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Answers (4)

Best Answer

John,

Any house you actually occupy will be considered "Owner Occupied" by your lender regardless of the fact it is also generating income.  Keep in mind however you will not usually be able to use that income to qualify for the home if it is not typical for your area.  For example, a 2 unit house with 1 unit rented is fine. 
  • December 30 2013
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Yes that is possible. FHA requires you to occupy the house and for the property to be your primary home. Since you are doing both, you should be fine. Eventually, if you would like to rent out the house completely that is possible as well. FHA will allow you to rent out the home after a year or primary living in that property. Also, keep in mind that you may not be able to use this roommate rental income if you apply for another mortgage. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. There would only be a few more details needed to sort out your situation. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 03 2014
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yes
  • December 30 2013
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As long as you are occupying the home, I see no problem with you taking in a couple roomates.
  • December 30 2013
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