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.
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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.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com