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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.
What else can I help you with?
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.
Should I refinance my home if I plan to sell it in 2 years?
Refinancing your home before selling it in 2 years may not be financially beneficial, as the costs of refinancing may outweigh the potential savings. It's important to carefully consider the closing costs, interest rates, and how long it will take to break even on the refinancing before making a decision.
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.
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.
Should I refinance my home if I plan to sell it in 2 years?
Refinancing your home before selling it in 2 years may not be financially beneficial, as the costs of refinancing may outweigh the potential savings. It's important to carefully consider the closing costs, interest rates, and how long it will take to break even on the refinancing before making a decision.
Does Walmart sell streamline flashlights?
"Yes, Walmart sells streamline flashlights.
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.
Does Walmart sell Nerf streamlined darts?
yes walmart does sell streamline bullets
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.
What type of items does The Money Store sell?
The Money Store offers different types of loans to people who are seeking to borrow money for home loans, home repairs, and refinancing. They have been in business for close to 40 years.
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.
Does Video Only sell discount home theater systems?
Yes, Video only actually does sell home theater systems. The name is a little misleading. As long as there is some video component then they sell it.
Are you considered a resident of the State of California if you sell your home?
You will be considered a resident of the state of California as long as you live in the state. If you sell your home and move to another in the state, you will still be a resident.
Can a person sell their home to pay off bankruptcy?
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
Can you sell guns out of your home in ct?
It depends on what you mean. Most states allow person to person sales, but if you sell guns regularly, you have be a licensed dealer. In most states, you can sell from your home as long as you meet certain requirements for storage.
