Question : Are FHA loans assumable? How long after purchasing with an assumable FHA loan can we get another person to assume the loan? Also, does the person trying to assume the mortgage still have to qualify unAnswer :Yes, you can assume a FHA loan, or if you are the seller, someone may assume your FHA loan. There is no specific time limit on when someone may assume your FHA loan, but they will have to qualify. No down payment requirements will apply however. The application process is much simpler, because it basically only consists of credit and income checks. Also, no property appraisal will be required.
Question : How long does one have to keep the FHA loan before selling or refinancing?Answer :There is no set time limit. However, generally to refinance there will have to be a little bit of built up equity in the home in order to make refinance worth while.
Question : How soon can I sell my FHA financed home?Answer :You can sell at any time. However, if you sell very quickly you may actually take a loss on the home, which may hurt your ability to get a FHA loan in the future.
Question : If something needs to be fixed on a house before closing can happen, whose cost would that be? The seller or the buyer? -IowaAnswer :This is up to negotiate between the seller and the buyer. Any repairs made by the seller before the sale or expected to be made by the buyer after purchase will be reflected in the price of the home anyway. However, before the closing, usually the seller pays for repairs because it is risky for a buyer to pay to fix something on a house they do not own yet. If they pay to fix it, and the deal falls thru somehow, then the buyer loses.
Question : If the seller's contract states the home is to be sold as is and the buyer is financing through FHA, and the house inspection shows repairs are needed in some areas, does the seller have to make thoseAnswer :No. It is not the seller's responsibility to make sure the home is in condition to be financed through FHA. This will have to be worked out between the buyer and the seller before closing, but generally speaking the buyer is going to have to cover the repairs.
Question : On a FHA loan what are the buyer cost at closing? - DWAnswer :In each case, the closing costs will be different. The FHA defines allowable closing costs that may be charged to the borrower. These costs are determined as reasonable and customary by each local FHA office. It differs by state, purchase price, type of loan, down payment and lender, just to name a few. The best way to determine your closing cost is to ask your lender. Read more about FHA closing costs here.
Question : Once you get an FHA loan, is there a certain length of time you have to keep the house before you can re-sell it?Answer :No, there is not a certain length of time that you must keep the house.
Question : We received an FHA Loan with the house we have now, but we want to move. We have lived in the house for 3 years. Is there a certain amount of time we have to live in the house before we can sell it?Answer :What you are talking about is called a prepayment lock-out. A prepayment lock-out depends on the negotiations you were given from your lender regarding your loan. The FHA lock-out is most commonly used for apartments rather than homes, but not always. It is best to consult your lender before you think of selling your home.
Question : What is a 210 Warranty and how to I obtain one?Answer :A 210 Warranty is a warranty that provides protection for the seller and the buyer during the sale of pre-owned homes. It provides a type of insurance, primarily for large appliances. Both the seller and buyer are covered for the electrical and heating systems, plumbing and water heaters. Additionally, the buyer is covered against damage to the air conditioning, alarms and other appliances. Find more information on the specific coverage here. Most insurance companies will be able to provide you with this type of warranty.