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I have to relocate to a new state for my job, can I rent out my house if it has a USDA mortgage on it?

by RStarr from Mint Hill, North Carolina. Mar 13th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Yes.. There are certain guidelines that are in place to prevent folks from purchasing homes as primary residence and turning it into a rental.. One of the acceptable circumstances is being forced to move for your job.. it's not a problem... 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

Mar 13th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

You should be able to since you are being relocated especially if you've been in it for 12 months or more. You should check the documents from the closing to be sure.

Mar 13th 2013
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Mar 13th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes you can rent it out as long as you have owned it more than 12 months. Where are you trying to purchase? We have programs that allow you to use the new rent for income qualification. If you would like some assistance with getting pre-qualified get into touch with me. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken@MortgagesforAmerica.org - Ken Burrows

Mar 13th 2013
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Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

The only time you would be questioned on this is if you've closed on your current loan within the last 12 months. Since the relocation is something out of your control and required for continued employment there should be sufficient proof that can be provided to your current lender. I don't think you have anything to worry about. If you are moving to NM please let me know! Charlie Sparks (NMLS# 195031) csparks@gencormortgage.com

Mar 13th 2013
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Hi there---Yes you can rent it out BUT ultimately be careful because it could impact your ability to get another mortgage. I would be more than happy to go into more detail.Feel free to call me anytime--Sincerely,Aaron Herstein919-614-5626

Mar 13th 2013
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Yes you can BUT be careful because it could impact your ability to get a new loan. There are a host of reasons I state this.Please let me know if I can be of further assistance. thanks

Mar 13th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Yes you can, make sure to keep any paperwork that would should the reason for the move is job related. If I can help you further , Peter Savino - www. HOMEMORTGAGEXPERT.com

Mar 13th 2013
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Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

Enter your answer here

Mar 13th 2013
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Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

You can rent out your home with the USDA loan on it for relocation purposes. No issues.

Mar 13th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Relocation can be a valid reason to rent your home. You may need to write an explanation letter, if you have owned the home less than 12 months.

Mar 13th 2013
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Angelo Datseris (Angelo Datseris)
#2 ranked lender in North Carolina - 23 contributions

I'm located in Mint Hill so you can contact me if you would like. Yes you can rent your house out. Let me know if you have any additional questions. info@lendwithleverage.com

Mar 13th 2013
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Jason Robinson (CFIsupport)
#56 ranked lender in Georgia - 106 contributions

Yes

Mar 13th 2013
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