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Shane or Dallas advice please...

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New Visitor

Shane or Dallas advice please...

 

We bought a house in 2009 with a USDA guaranteed loan through Chase. This fall I want to rent the house out or sell it and buy a new one. The question is can I get a FHA loan for the new house? We have been told we can't since it is still through the government. I know we can't get another USDA loan but I can't get a straight answer on FHA.

 

The new house would be in the same county but a different city. And our income is large enough to cover both houses if need be. Can you help?

 

Thanks

Message 1 of 10
9 REPLIES 9
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Valued Member

Re: Shane or Dallas advice please...

i dont know about your loan but my usda guarenteed loan specifically states the home cannot be rented, I think, for the first 10 yrs.

Message 2 of 10
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New Visitor

Re: Shane or Dallas advice please...

Wow that's a long time if yours says that. Mine doesn't saying anything except you will need lenders permission. I mentioned rent because most houses in this town are on the market for years before they sell. Woman Sad

Message 3 of 10
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Valued Member

Re: Shane or Dallas advice please...

I'm fairly certain it's all usda loans, because the purchased home is to be owner occupied and cannot be used to produce income. I would do some digging so you don't get into trouble if that's the case.
Message 4 of 10
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New Visitor

Re: Shane or Dallas advice please...

Hmm.....I would really like to know the answer's to these questions. I actually know someone who rents out their USDA home because they moved out of state. The lender didn't have a problem with it. But now I am wondering if your right.

 

Shane?

Dallas?

Anyone?

Message 5 of 10
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Moderator Emerita

Re: Shane or Dallas advice please...

Look at your note and mortgage. It will specify the terms that you agreed to exactly. Here, in Fl, you have to occupy the property and not rent it out. Read what you signed, because it is the contract you agreed to with your lender for your funds.

Message 6 of 10
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New Visitor

Re: Shane or Dallas advice please...

 

If we decided to rent I would have the papers looked at by an attorney. Which we probably won't. 

 

 

My question is really about getting a FHA loan while we have a USDA loan. I was told we couldn't just based on the fact that they are both government loans.

Message 7 of 10
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New Visitor

Re: Shane or Dallas advice please...

Update:

 

OK everyone I contacted Shane. Yes you can get a FHA loan when you have a USDA loan. And you can rent out a house that has a USDA loan on it.

 

 

THANK YOU SHANE!!

 

 

Charlotte

Message 8 of 10
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Super Contributor

Re: Shane or Dallas advice please...

I don't know the answer 100%

 

I seem to recall that you have to move 35+ miles or new job 35+ miles away.

 

http://offices.sc.egov.usda.gov/locator/app?state=us&agency=rd

 

You CAN call USDA offices diretly to make sure you qualify

 

Retired Lender
Message 9 of 10
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New Visitor

Re: Shane or Dallas advice please...

 

Thanks Dallas

Message 10 of 10
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