Is there a waiting period for getting another FHA loan if I want to turn my current home into a rental property?

I haven't yet seen anyone answer your question although the advice given is good. When you close on an FHA loan there are some documents that commit you to maintaining the home as your primary residence for 12 months. As other have said, there are life-changing events where you could move out within 12 months, then you may or may not be eligible for a new FHA loan. Contact a LOCAL mortgage banker, (not a depository bank or internet lender), who can go over your circumstances and advise you accordingly. Good luck to you!

it can be allowed under certain circumstances such as moving for a job, out grown your home, or you have to move closer to a sick relative. these are all acceptable reasons, and the lender will ask for supporting documentation to verify your claims. Keep in mind that FHA loans are intended for owner occupied properties only... You can however purchase an owner occupied home using conventional financing with as little as 3% down. Conventional rates are a bit higher than FHA, but the mortgage insurance is a bit lower, so it should be about the same. But with conventional, you wont have to pay the mandatory 1.75% up front premium charged by FHA... so it's a better alternative than FHA.. 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

It must make sense. Are you relocating, family size increase?

Yes there are program as long as you are moving for a reason like job relocation, needing a bigger home for your framily, etc.. and as long as you have owned your home at least a year. If I can be of assistance please let me know. P: 888-320-7888 - ken@mortgagesforamerica.org - Ken Burrows

There may be possible options for you. Please call a local licensed mortgage originator to discuss and they can let you know your options.

As long as you are moving for a reason

As long as you are moving for a specific reason (such as for a job), you should be able to get another loan without a problem.

The two most popular reasons that someone may apply for and get another FHA mortgage while still owning a home with a FHA mortgage are: Have to move due to job change, and have out grown the home. Needing to move for a job is simple enough. However, if you originally purchased a 2 bedroom home and now have kids, you would have outgrown the home and qualify for another FHA mortgage. Please note that with good credit you may qualify for an overall better payment using a 3% down conventional product that some lenders have.

There are special circumstances where it can be done, but you cant buy a house at 3.5% down and decide you want to move across town a couple of months down the road and put 3.5% down on another property. FHA does not want to be in the investment property business. It is possible under special circumstances

Honestly, your question is vague as to your current situation and you really need to talk to a Lender411 loan officer. The unknown is what type of loan do you have now? Is it an FHA loan, USDA, VA, COnventional? If it is an FHA, is it Primary Residence or an Investment Property loan you have now? What are your plans when you move? Etc. and about 10 more questions so call one of the loan officers from Lender411 that are licensed in your state.

Can be allowed if there is a acceptable reason , example you now have 2 children and property is a 1 bedroom condo. Family situation in this case would be acceptable and a new FHA loan on new property would be granted.

Contact me I can help you. I am a Direct FHA Lender here in PA. Peter Botros 347-231-4444 or Email me at PBotros@OmegaLoans.net

See special circumstances listed on this forum.

Generally speaking, you may only have one FHA loan at a time. There is a small carve out for extenuating circumstances, where a new FHA loan is your only options, like job relocation. Contact a qualified FHA mortgage broker in your area for more details on your specific situation, and if you possible qualify for one of the exceptions. In MN or WI, visit www.JoeMetzler.com/fhaloans.htm

12 months for an FHA Forward Mortgage. But with an FHA Reverse Mortgage it can never be a rental property.

Great day to you. I would highly recommend that you contact a local licensed mortgage originator in your state and discuss the circumstances and specific details, which will enable them to assist you with the options that you may have. Thank you.