Relocating and renting

  • Question : Do renters living in a foreclosing home still have to pay rent? Answer : Yes. You have to pay rent as long as you live there for as long as the lease you signed states.
  • Question : I am currently a graduate student looking to purchase a home. I plan to rent out two bedrooms to renters. I have saved for a down payment and would like to know the feasibility of securing a loan with Answer : This is specific information that we cannot give a simple yes or no to. You will have to work with a lender to completely figure it out. However, since you have the 3% down payment requirement, as long as you can show decent income and credit history, it is possible you will qualify without a co-signer.
  • Question : I was offered a job out of state and I am having a tough time selling my home. May I rent the home at a loss until I sell it? Answer : Assuming you are referring to an FHA loan, no. You must live in the property for which the FHA loan was provided.
  • Question : We purchased our home in March of 2000 with the FHA Nehemiah program assistance. Can we rent out that home? Are there any restrictions on renting out our home? Answer : No. One of the main requirements of an FHA loan is that you live in the home that the loan was used for.
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