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How long after refinancing your home with VA Streamline can you sell it?
Wiki User
∙ 10y ago
Time Limits on Sales after Refinancing
The Veteran's Administration does not put time limits on the sale of a property after it has been refinanced, as it limits refinancing. You can sell a home with a VA loan any time after the loan has closed.
The VA says that if the loan was approved after March 1, 1988, the VA or the lender has to be notified and approved before the person takes over the existing VA loan.
The property can be sold to anyone and the outstanding VA loan paid off without preconditions.
Short Sales
A short sale occurs when someone cannot make the payments and chooses to sell the property for less than it is worth rather than face foreclosure. The VA only permits short sales if there are severe hardships, such as death of one of the mortgagees, a reduction in income, involuntary relocation somewhere that commuting is not an option or major medical expenses.
The VA will permit a short sale of the home at any point after its refinancing if these conditions are met, even if the borrower recently refinanced in an effort to save the home. However, the VA requires the property to be sold at market value and the short sale is less costly than a foreclosure in terms of related fees. The VA must receive a contingency sale package to accept the short sale.
If the Property Doesn't Sell
You cannot have two simultaneous VA loans using your VA entitlement, because the VA has strict occupancy requirements. This could result in a new mortgage for the second home having a much higher interest rate or down payment requirement. However, you can get one VA loan on a new property while trying to sell the prior one. You can rent out the old home until it sells.
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How long do you have to wait after refinancing your home to sell?
Two years or you will have to pay uncle sam capital gains.
What are some benefits of an FHA home loan refinancing?
There are several benefits of an FHA home loan refinancing. An FHA home loan is one of the easiest to qualify for. If for some reason you decide to sell your home, the buyer of your home can then take on your loan, leaving you with less money to pay in the end. This is called being assumable. Even if you have filed bankruptcy or have gone through a bankruptcy, you can still qualify for most FHA home loans.
How long wAit to purchase a home after a short sell?
There is not a time limit on how long you have to wait to buy a home after a short sell. It all will depend on how long it takes to clear.
How is a reverse mortgage paid off?
A reverse mortgage can be paid off either by selling the home and using sales proceeds, refinancing the home, or doing a streamline reverse mortgage to a new reverse mortgage program. If the homeowner wishes to move, they can sell and use a reverse mortgage to purchase a new home. If the homeowner has passed away, the heirs have 6 months to refinance the home, sell it, or decide to turn over the home to the lender. If there is negative equity in the home the homeowner or the heirs may turn the property over to the lender and walk away without personal recourse. Reverse mortgages are non recourse loans, meaning the only recourse the lender has for collecting lost funds is against the property itself.
What is a fha streamline loan?
Quite simply, it's a program developed by FHA to allow FHA mortgage holders to refinance without all of the normal hassles in obtaining a standard or conventional refinance. It's been around for about 25 years and has varied in popularity as much as the Billboard top 20 hits over that same time period. Some of its unique identifiers are as follows:No appraisal required. A huge help in today's real estate environment.No income qualifications, no debt to income ratios, no paystubs or tax returns. ONLY verification that you do have a source of income.An FHA streamline loan is a loan that reuses paperwork from your prior FHA loan application in the refinancing process. The FHA reuses your property appraisal unless you ask for a new one. No new income verification is needed unless getting a refinanced loan in your own name, though they will require proof that you have an income of some type. They do not calculate a debt to income ratio. They do not check your credit score. Streamline loans are faster and cheaper than refinancing with a new mortgage lender. They are also an option for those who are now underwater on their homes, because the old, higher property appraisal is used for the loan. And the purchase price of the home can be used as the appraised value.There are limits on the FHA streamline loan. You must live in the property or have recently lived there, so you can refinance a home that you've moved out of but cannot sell. You cannot take cash out as part of the streamline refinance. You have to have an FHA mortgage already to use the streamline process. And refinancing costs cannot be added to the loan amount.To be eligible for the FHA streamlined refinance program, you must have made all house payments on time and in full for at least the past three months. And only one payment to the FHA could be late when they look back at the past twelve months. Furthermore, there cannot be a past due balance on the mortgage. Another limitation on the streamline refinance is that you cannot refinance more than once every nine months. The FHA also requires home owners receive a clear benefit from refinancing, such as lowering the house payment at least 5% per month or getting out of an adjustable rate mortgage.
How long do you have to wait after refinancing your home to sell?
Two years or you will have to pay uncle sam capital gains.
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What are some benefits of an FHA home loan refinancing?
There are several benefits of an FHA home loan refinancing. An FHA home loan is one of the easiest to qualify for. If for some reason you decide to sell your home, the buyer of your home can then take on your loan, leaving you with less money to pay in the end. This is called being assumable. Even if you have filed bankruptcy or have gone through a bankruptcy, you can still qualify for most FHA home loans.
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How long wAit to purchase a home after a short sell?
There is not a time limit on how long you have to wait to buy a home after a short sell. It all will depend on how long it takes to clear.
How is a reverse mortgage paid off?
A reverse mortgage can be paid off either by selling the home and using sales proceeds, refinancing the home, or doing a streamline reverse mortgage to a new reverse mortgage program. If the homeowner wishes to move, they can sell and use a reverse mortgage to purchase a new home. If the homeowner has passed away, the heirs have 6 months to refinance the home, sell it, or decide to turn over the home to the lender. If there is negative equity in the home the homeowner or the heirs may turn the property over to the lender and walk away without personal recourse. Reverse mortgages are non recourse loans, meaning the only recourse the lender has for collecting lost funds is against the property itself.
What is a fha streamline loan?
Quite simply, it's a program developed by FHA to allow FHA mortgage holders to refinance without all of the normal hassles in obtaining a standard or conventional refinance. It's been around for about 25 years and has varied in popularity as much as the Billboard top 20 hits over that same time period. Some of its unique identifiers are as follows:No appraisal required. A huge help in today's real estate environment.No income qualifications, no debt to income ratios, no paystubs or tax returns. ONLY verification that you do have a source of income.An FHA streamline loan is a loan that reuses paperwork from your prior FHA loan application in the refinancing process. The FHA reuses your property appraisal unless you ask for a new one. No new income verification is needed unless getting a refinanced loan in your own name, though they will require proof that you have an income of some type. They do not calculate a debt to income ratio. They do not check your credit score. Streamline loans are faster and cheaper than refinancing with a new mortgage lender. They are also an option for those who are now underwater on their homes, because the old, higher property appraisal is used for the loan. And the purchase price of the home can be used as the appraised value.There are limits on the FHA streamline loan. You must live in the property or have recently lived there, so you can refinance a home that you've moved out of but cannot sell. You cannot take cash out as part of the streamline refinance. You have to have an FHA mortgage already to use the streamline process. And refinancing costs cannot be added to the loan amount.To be eligible for the FHA streamlined refinance program, you must have made all house payments on time and in full for at least the past three months. And only one payment to the FHA could be late when they look back at the past twelve months. Furthermore, there cannot be a past due balance on the mortgage. Another limitation on the streamline refinance is that you cannot refinance more than once every nine months. The FHA also requires home owners receive a clear benefit from refinancing, such as lowering the house payment at least 5% per month or getting out of an adjustable rate mortgage.
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Yes you can. I am a mortgage broker and real estate agent here in California. These type of questions are best answered by both types of experts I have been involved in both the refinancing of a home in order to avoid bankruptcy as well as refinancing someone who is in chapter 13 and wants to get out of bankruptcy early. So both are possible what makes the difference is the equity in your home. It must be high enough to accomidate your debts. If you need further help you can e-mail me at nora@chapter13refinancing.com I will be happy to evaluate your situation
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