And Other Good Information
If you recently bought a house with an FHA loan but are now experiencing an unforeseen circumstance that begs the question, how soon can I sell my house after purchase FHA? If this is your situation, for whatever reason, we will attempt to answer this question as well as give you some information you can use, in this post. There are many different reasons why you may suddenly be in a position where you need to sell the house you just acquired. You may have a relative or loved one who suddenly becomes ill or incapacitated, and you’re needed now in another state. Maybe you’ve got a new job offer that’s just too good to pass up, but you have to relocate in order to accept it. Or, perhaps something happened that is so serious it has destroyed your marriage, or caused you to lose your job, and you’re now faced with a mortgage you can’t afford. Whatever the reason, you are now in a very uncomfortable situation. You need to know how soon after purchasing a home with an FHA loan you can legally sell it. The answer to that is typically 90 (to up to 180) days is best, but in reality you can sell it whenever you need to. Be sure to check out the additional details below for more information on this.
FHA Details
So generally the FHA loan contract does not affect the seller, even the 90-day restriction is only attached to the buyer. But the FHA contract states that homes resold in 90 days or less cannot be FHA financed. Note as well the fact that if you’re attempting to sell the house for 100% or more of the original price anytime after the first 90 days, the seller must pay for an additional new estimate. There are other details that may apply, so consult with a real estate agent if you’re looking into selling. If there’s any way for you to remain in the house for at least the first 90 days, you will find it much easier to sell. Keep in mind that the FHA does not take kindly to anyone appearing to “flip” the house for profit, since these loans are set up to help lower to middle income families find affordable homes to live in. However, there’s another option you can utilize if you really need to sell your house fast and you don’t mind taking a bit of a loss in exchange for a few other great incentives.
A Great Alternative
Something you may not have thought of is the fact that a cash home buyer, such as Sellyourhousefastlv, can be of assistance in these types of situations. This can come in handy because it is such a quick, no-hassle transaction and you can have the CASH in your hands in as little as a week or so. All you do is fill out a short form on their homepage. Someone will be in touch with you soon who will make an appointment to come see the property, at which time they will make you a cash offer. You are never under any obligation to accept the offer, and they do not charge you any hidden fees or commissions. In fact, they pay all legal fees and closing costs associated with the sale of your home, as well. And regardless of the shape your house is in, they will buy it for cash, right now. Plus, you don’t have to worry about any inspections or appraisals. You might be sacrificing a little bit on your price, but what you get in return is cold, hard cash in your pocket in no time flat. No hassles, nothing to worry about but signing the paperwork. It makes for a good case that may be worth at least checking into, especially with no fees and no obligations, anyway.
Other FHA Loan Facts
Although it’s possible to sell a house with an FHA loan before 90 days are up, it’s not necessarily advisable. There are also a few other things to take note of regarding these FHA loans. For instance, in most cases these loans are assumable, whereas most other conventional mortgage loans are not. As long as the buyer meets all the necessary requirements, they can effectively assume the loan. Of course, this is providing the sale is beyond the first 90 days. And it is generally easier to qualify for an FHA loan, as well. This makes it convenient for you as both the seller, as a selling point, and as the person who is looking for a way to get out from under your FHA loan-! So, as long as you’re selling after the first 90 days and for a legitimate reason, you should really have no issues.
The Difference With FHA Loans
If you have one of these, you probably are already aware of what makes these loans different than traditional loans. However, it’s also likely you knew only sparse details. Most people don’t know much, except they’re government funded and easier to qualify for. First of all, they’re not government funded. What they are, is government insured. They come with something called MIPs, or monthly insurance premiums, that are added to your mortgage payments each month. Depending on the length of time the loan you apply for is, after you pay enough in to gain a certain amount of equity, you can apply to have the MIPs taken off. However, they do not come off automatically, and most people aren’t aware of this or don’t think about it again after signing their original contract. But regardless, FHA loans are popular among first-time home buyers due to their easy qualification requirements and lower down payment options. If you have credit history with at least 12 months of on-time payments and enough income to easily make a house payment with, you are likely to qualify for an FHA loan, even with a poor credit history. Hopefully by now, we here at SellYourHouseFastLV have answered the question of how soon can I sell my house after purchase FHA adequately.
