I currently own a condo valued at $175,000, but I own $196,000 with an FHA mortgage. I would like to rent this condo and buy another home closer to my new job. Any suggests on how to proceed?
While most mortgage loans are made for the purpose of owner-occupied property being purchased, lenders know circumstances change. Unless your loan documents or other housing restrictions prohibit your property from being rented, you may do so. You still have to make the mortgage payments and you'll have additional housing expenses as well. Hopefully you can rent your condo for more than the monthly payment. Otherwise you have to make that up yourself. We've no idea what your financial situation is and if this is possible or not.
If your question means you can't do this, you may need to give up the property of have the lender agree to a short sale. In that case your credit will be damaged and you may not be able to get a loan on a new property for years to come.
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While most mortgage 