second house

You can sell it if you wish.. however you need to be careful.. if you try to purchase another home, then the new lender might get the perception that you used FHA financing to purchase an "Investment" property, and that's illegal. More than likely the lender will ask for an explanation, and if there was good reason, then you should be ok.. Current IRS rules state that If you sell a home that was your primary residence for 2 of the last 5 years, then you would be exempt on the first $250K in gains for a single individual, or $500K for married.. check with your accountant to see how your particular scenario would apply. .. 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

You can sell it at any time. The only time restriction has to do with converting a home from your primary residence to a rental property. In order to avoid having to pay taxes on your profit, the home must be your primary residence for at least 2 of the last 5 years. If you own it for only a couple of months, you will not meet the use test. An accountant can walk you through the numbers. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You mat sell at any time except when purchase was from a HUD home or REO that specifically placed a resell time frame. Things to keep in mind are costs in selling your home. You may expect Realtor fees and escrow closing costs to be about 7-9% of sale price. So if your selling 20-30k more that gain may be reduced due to these fee's. The gain over these expenses you may have to pay taxes. Another option maybe a 1031 exchange to not pay taxes on the gain.

Need to check with your CPA

You may have capital gains taxation.

You can certainly sell however, you will need to check with your CPA regarding capital gains tax.

You can sell it if you wish.. Yes, you have to pay taxes

You will have to pay short term gains, this amount varies depending on your tax bracket. Speak to a CPA.

Three to six months will be needed to ease concerns about "flipping" -- using the purchase just to sell it. Under one year, without extenuating circumstances may make it hard to use FHA on next purchase. Financial discussion -- as noted by several others, needs to be done with your CPA/tax accountant.