In part of the HUD agreement you have to agree that they are entitled to the entirety of any rent collected from any tenants of the property.

WTF is up with that?

12/18/2008 2:09:56 PM

It means that the federal government isn't subsidizing investment property.

12/18/2008 2:14:52 PM

It also means that if you live there, you can not rent a room out to help pay your mortgage.

12/18/2008 2:25:57 PM

you can

you just have to do it on the down low

12/18/2008 2:26:58 PM

rent is allowed on FHA loans as long as it's owner-occupied

i did a FHA loan on the 4br/ba condo i owned while in raleigh and the only stipulation was that it was owner-occupied to rent

it was owner-occupied for 2 years and for the following 3 years it wasn't - rent was collected the whole time - then sold it

how would they ever be able to track something like that?

12/18/2008 2:28:29 PM

It doesn't say you're not allowed to rent. It says you can't keep it. I discussed it with a lawyer. Even if you live there, any rent you collect belongs to HUD.

12/18/2008 2:32:17 PM

Quote :

"do it on the down low"

12/18/2008 4:15:46 PM

just charge them a premium price for "Utilities/Cable/Internet"

12/18/2008 4:24:54 PM

^ "Tenant agrees to pay all utility and service bills in their entirety each month in lieu of rent."

12/18/2008 4:28:19 PM