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What Are The Time Restrictions On Selling A Home When You Have A Fha Mortgage?

I seem tο remeber something аbουt having tο keep thе home іn уουr possesion fοr ѕο long before уου саn sell fοr a profit. I аm јυѕt trying tο find out hοw long thаt іѕ.

3 Responses to “What Are The Time Restrictions On Selling A Home When You Have A Fha Mortgage?”

  1. Getting an FHA loan on a house isn’t so much about commiting to live there for a time frame, it’s about buying a house that you intend to live in rather than to keep as a landlord or to flip. If you buy it, intending to live there with your family and then plans change and you have to move away, I think HUD is alright with that …. as long as it’s not a HUD foreclosure that you bought. On those, they do have a 12 month occupation requirement.
    If you are selling your house to someone who is getting an FHA loan, then you need to have owned it for a minimum of 90 days before that buyer can use an FHA loan to buy it from you – and you’ll probably still need two appraisals.
    Hope this helps.

  2. FHA is not a mortgage but a Federal Guarantor, or mortgage insurance, FHA insures mortgages that private lenders give to homeowners, essentially you can pay off your mortgage at any time unless otherwise stipulated in your contract. If there is no contract language with a time element attached, then you can pay it off at any time.

  3. I don’t believe so. The FHA loan allows you to buy with a smaller down payment. In return, you pay PMI.

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