Some questions about buying a home and renting out your house

Phew.. thats quite a few questions.Texas is a community property state, so partner A and B will be on title to the home. So, even if both names are not on the mortgage, you are both responsible. Partner B 'MAY' be able to get added on the mortgage later on, but the process is up to the servicing lender. Some will require partner B to qualify before being added. Some will add partner B's name, but it wont help their credit. Always best to check with the servicing lender.Under FHA, the home can not be rented UNLESS you can no longer live in the home and renting is the only option available to you. For example, your job relocates you or your income is cut and you can no longer afford the home. FHA is set up for primary residence, not rental property.Im not familiar enough with the rental laws to reply to your inquiry. I'd assume that you are not suppose to know the previous rental agreement and as for renting out your home, you can list it for what ever you'd like. There is no law that says you must rent out your home for a specific price within your neighborhood. If someone will pay the higher amount, then you are free to charge it. Same is the case if you decide to rent it for much lower than others in the neighborhood. ** sorry Im not more helpful in this category. Perhaps someone else will reply with more details for rental properties **

1) You cannot "Add" someone to the mortgage. You can however add them to the deed. The only way to "Add" someone to the mortgage is to refinance in both names2) This question is better answered by an attorney familiar with divorce law in Texas.. In general, if one spouse purchases a home as "sole and Separate", then only that person is responsible to make payments, however in a divorce, the judge could rule differently.. So it's rather specific to each scenario... 3) FHA, you can rent out the property.. You have to live in it for at least 1 year4) Your home, your rules.. You can rent it for a dollar if you choose to... however there are "Fair Housing" rules you have to follow.. No discrimination.. if you're looking to possibly purchase another home then The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

As a general rule you cannot add a person to an existing loan. It may be possible assuming that the loan is still owned by the bank that originated it, or you and your partner assume the loan from you. This would require all borrowers to qualify for the terms of the note and assumes the note has an assumption clause (like FHA does). If Partner B is not on the note because of poor credit, then it may be difficult if not impossible to qualify to do above.It does not matter if there is a marriage, divorce, separation or whatever, the person(s) that sign the note is/are responsible for all payments regardless of any other conditions or circumstances.If one purchases a home using FHA financing, the home must be occupied by the purchaser, generally within 90 days, and they must remain in the home for a minimum of one year. Anything less than that could bring scrutiny to the borrower's transaction by the lender or Federal regulators. Once the property has been owner occupied for a year and you want to convert it to a rental, nothing in the FHA loan agreement would prevent that.It is up to you to determine if the Management Company reveals what a previous tenant pays. As a landlord myself, I do not ever reveal any tenant's actual renal history, including what they pay. Finally, you and only you dictate what you are willing to rent for. If you want to offer a better rate than your competition, you can do so. This might also allow you to attract more applicants allowing you to be choosier in the clientele you rent to. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Hey Austin, That is a TON of inquiries you've thrown out there. I would recommend you reach out to either Ed Solter or Melissa Muench, who are two of the best loan officers in Austin to set up a time to meet with them in person. You can Google either one of them or look them up on LinkedIn, etc. Best of luck!