Can i rent out my house if i live in it? I have a va loan.

Typically, once you go past 12 months, your ok.. you're not required to contact your lender.. IRS reporting of the income would be required.. Also understand that you will not be able to get another VA loan until this loan is paid off or reassigned.. .. 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

Hi Jorge, You may do so and you are not required to inform the lender that you are renting the home out. As with any asset that is producing you will want to seek out the advice of a qualified Tax Adviser as to what you should report to the IRS. Under certain circumstances you may also qualify for an additional VA Home loan while leaving that one on the rented property under the original VA loan. There is generally no minimal occupancy rule. You lender however made you sign a occupancy affidavit when you closed on your loan. I would check that document to see if you are in the clear. Feel Free to contact our office with any questions that you may have before proceeding. Henry J Daniels, Certified Military Housing Specialist (936) 228-1944

This is fine but if you closed on your VA loan less than 12 months ago it could be a problem. There are documents you sign at closing on on owner-occupied loan where you state you will occupy the property for at least 12 months. Of course exceptions can be made for circumstances out of your control, i.e. job loss, death in the family,etc. If you can, check with the loan officer that you worked with for their advice.

Jorge, it sounds as if your planning to rent out a part of your home and still live in it, if that is the case ,, no worries

Hello. The best option for you is to talk to a local licensed mortgage professional in Texas. Sit down with them and they can explain the options. www.namb.org Put your state in TX where it says Find a Mortgage Professional. In addition, there are mortgage professionals that are involved in www.usacares.org which are military specialist that an also answer your questions.

I don't believe this should be a problem, but double check with your loan officer.