FHA time line ownership

You will not be commiting fraud. If you purchase witht the intention of occupying as your primary residence then your are within the requirements. As far as selling, the 90 seasoning would only be important if the person buying wants financing through an FHA program. If you want to discuss any further items regarding FHA loans, call me. We close about 25-30 FHA NJ loans per month. 908-933-0253 ask for Peter. Or call me on my cell 347-231-444. pbotros@omegaloans.net

You are not restricted from selling your home ever.. You are required to move into the home within 60 days of purchasing and occupy the premises.. However the person who buys the home might have a problem if your marking the home up more than 20% of what you paid for it.. if you sell it to someone using FHA financing within 120 days of the original FHA appraisal date, then you cannot mark it up more than the original purchase price as the original appraisal value will be only value recognized. If you go beyond the 90 to 120 day mark, then the positional buyers shouldn't have any issues.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It depends on your reason for selling. Remember, you are signing an affidavit stating your intent to make it your primary residence. So you buy it in July and in August your employer transfers you to Seattle and you decide to either sell it or keep it as a rental. As long as you did not know about the transfer before you closed escrow, FHA will allow it (keeping it as a rental). Even if you buy it in July, move in and decide it is too small, or you didn't realize the firehouse around the corner would keep you up all night, etc and sell it in August, FHA wouldn't care. What they care about is if you never move in and convert it to a rental. That is always viewed as potential fraud. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

You can sell it anytime you like, there is no pre-payment penalty. The only thing you need to watch out for is the new buyer coming in and if they require a loan there could be a 90 seasoning requirement.