You got a good deal initially. If you originally bought your home as a foreclosure or a short sale and can sell it under normal circumstances, you might turn a profit. Financially, how soon can you sell a house after buying it? While you can sell anytime, it’s usually smart to wait at least two years before selling.
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Purchase or refinance your home with an FHA loan. You can get one with a down payment as low as 3.5%. Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program.
How quickly you can refinance a home after purchase often depends on the amount of equity you have in the home. Buyers who put down large deposits can typically refinance at will. Buyers who put down less than 10 percent may have to wait months or even years for lender approval at a good rate.
Fha Loan Amount Calculator Your FHA lender tells you which maximum loan amount calculation applies to you. The FHA charges the UFMIP on all loans, and borrowers usually roll it into the new loan amount. Most FHA loans required a 1.75 percent UFMIP fee as of 2013. Streamline refinances on loans made on or before May 1, 2009 require only a 0.01 percent UFMIP charge.
No House Flipping. The FHA also reserves the right to have another appraiser look over the property. If a property is sold within 180 days after a sale and the new sale price exceeds 100 percent of the prior sale price, the FHA requires more documentation as to the property’s value.
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Yes, but becareful. The FHA rules have changed since you got your last loan. Now if you put down less than 10% you will pay MIP (PMI) for the life of the loan. If you put down anything else, you will pay MIP for a minimum of 11 years.
Fha 203 K Loan Limits fha loan limits are calculated based on the county where the property resides. These are known through the county’s average home price. But in metropolitan areas, the limit is set based on “the county with the highest median home price within the metropolitan statistical area,” as per HUD.
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In the 12 months prior to the short sale, you made your mortgage payments on time. If your mortgage was in default at the time of the short sale, FHA requires a three-year waiting period before.