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Best Expert Answer
Joe Wallace... Answered 301 more questions
5 months ago
FHA loans don't seem to address this circumstance directly, but in general you are free to sell or have the loan assumed as you wish. There is, however, an FHA anti-flipping rule that states that homes that are resold 90 days or fewer after purchase are not eligible to be purchased with an FHA mortgage. That would affect your sale of the home if the buyer wants to use an FHA loan. Lender standards and state law may also apply.
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For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
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Angela York
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I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my Nashville home?
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my... (more)
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A Curious User
a year ago
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to... (more)
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A Curious User
2 years ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
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A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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