Ask The Get Out of Debt Experts Housing

I Just Bought a Home With FHA Financing. Can I Have Renters in the House? – Trixey

“Dear Steve,

I just bought a home with a fha loan. the previous owner had renters in the home per our contract they had 60 days to vacate the home. I just found out I will be losing hours from work but will not be laid off, can i keep the renters in the house so i do not default on my loan after the renters move out?

Trixey”

Dear Trixey,

This is a very easy issue to resolve, ask your lender.

But it is my understanding that FHA loans must be owner occupied. “Our security instruments require a borrower to establish bona fide occupancy in the home as the borrower’s principal residence within 60 days after signing the security instrument with continued occupancy for at least one year.” – Source

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

READ  Annlle Bojorquez, Annel Bojorquez - Consumer Complaint - 6-13-2012



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Leave a Comment

Scroll to Top