U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-05-2013, 08:34 PM
 
2 posts, read 7,391 times
Reputation: 10

Advertisements

Not Sure where to put this so move it if it needs to be moved mods. Thanks


I got my home thru a rural developement loan. Have been in the home over three years now. We are thinking about moving and possibly renting the house out. I cant find any info on the USDA website that says I cant rent my home out. Does anyone know if I am allowed to rent out my home while having a USDA RD loan?

Last edited by twistedsense; 02-05-2013 at 08:35 PM.. Reason: additional info
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-05-2013, 08:50 PM
 
Location: Austin
7,205 posts, read 19,017,905 times
Reputation: 9813
You bought it as a primary residence. You lived in it as promised per the loan you signed. Once you've lived in it as your primary residence, you can do whatever you want. You can only hold one government loan at a time, so if you're looking at buying another house, you'll need to buy it with a conventional loan.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-05-2013, 09:03 PM
 
2 posts, read 7,391 times
Reputation: 10
So as long as I'm not trying to get another loan I'm okay? We're trying to sell it but not sure if it will in this economy. We're probably going to have to move into my in-laws house. I figured might as well try to rent it instead of letting it go back to the bank. My eyes cross when I try to read all the writing on our loan agreement.

So it boils down to this. As long as I'm not trying to purchase another house I should be okay?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-06-2013, 01:56 PM
 
Location: Austin
7,205 posts, read 19,017,905 times
Reputation: 9813
Quote:
Originally Posted by twistedsense View Post
So it boils down to this. As long as I'm not trying to purchase another house I should be okay?
If you have no plans of buying another house, you're fine. I'm also saying that you can buy another house, if you qualify for a conventional loan and not a government loan.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-19-2013, 08:03 PM
 
9 posts, read 32,698 times
Reputation: 13
They will drop your subsidy though. I got a renter into mine and my loan rate went up to 6.25% (the original interest rate) instead of the subsidized rate of 4%. So my payments went up quite a bit.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 05:07 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top