FHA Guidelines - Non Owner Occupied

Hello - in reviewing the FHA guidelines I do not see anything about the property being rented.  My seller relocated and rented the property to a friend... no lease and for less than 50% of the mortgage payment. Renter is in the property for the last 8 months.

Will this cause a problem?  completing financial docs... shall we include the $500 rent payment in the monthly income?  and can the home owner claim utility costs. renter is paying for the electric only. 

Views: 56

▶ Reply to This

Replies to This Discussion

Permalink Reply by Short Sale Superstars LLC on August 18, 2014 at 6:27am

It could be an issue as they are not currently occupying the property. There may or may not be a 12 month rule when looking to participate in the PFS Program. A variance may need to be submitted. Who's name are the utilities under?

Feel free to reach out to me with any questions as my door is always open.

[email protected]

310-564-6389

www.ishortsalenow.com

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************