How would I get caught renting out my FHA financed home?
I just refinanced my home with an FHA loan a few months back (dropped my interest rate 2 full points) and now I have to get my kids out of this neighborhood. My daughter has fallen in with the kids of the neighborhood and is smoking pot and sneaking out. I’ve tried grounding her, to no avail. This time when she’s ungrounded, she will have no friends, but I can’t keep her in the house when I’m at work. My only option is to get us out, but I can’t sell my house (too much work needed on it and I can’t afford to fix it). I’d like to just rent the house and go to an apartment or something until the kids are grown (just a few years), but I’m wondering how I would be found out if I were to rent it out. And, if they did find out, what would happen? Any help would be appreciated.
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I do know that you have to live in the house when you get the FHA loan I don’t know if there is a time limit on how long you have to live in the home so you may wanna check on that because if you get caught and there is a time limit you would have just committed a felony and would possibly go to jail.