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With the first time home buyers loan are you required to live in it for a certain time before being able to sell it?

by custereye629 from Custer, South Dakota. Dec 9th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

For all your standard loans (Fannie Mae, Freddie Mac, FHA, VA, USDA), etc, you can sell the home and pay off the loan whenever you want. Lending in SD, MN, and WI - www.MortgagesUnlimited.biz

Dec 9th 2014
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Jason Vondrak (jvondrak)
#2 ranked lender in California - 1,729 contributions

No, you can sell the home whenever you would like.

Dec 9th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Like Joe and Jason said, you can sell at any time.

Dec 9th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

For all conforming loans, there are no restrictions on when you sell it, but if you say your going to live in it as your primary residence, you must move into the home within 60 to 90 days.. Also, if you purchase a home as "owner occupied", you live in it for 5 months while you fix it up and then you sell it for a profit, and then try to purchase another home as "Owner Occupied", it's possible the lender/underwriter will ask for a letter of explanation since your first purchase which was owner occupied, was actually an investment flip.. ( i actually had this scenario with one of my clients), so if that's your goal, it might work once or twice, but the lender will catch on eventually and require you to purchase as an investment.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 9th 2014
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

Although there are no rules that state you MUST keep the home you purchase for any length of time, it is important you discuss your plans with your lender. Knowing that a buyer is only planning for the short term, can be significant in choosing the best or least costly loan program for a shorter period than you might want if your plans were longer term ownership. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 9th 2014
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Jackie Hansen (jkhansen)
#2 ranked lender in South Dakota - 3 contributions

With the South Dakota Housing First Time Homebuyers program, you are not required to live in the home for a certain period of time before selling. You can sell the home at anytime. However, you cannot use the home as a rental property as long has you have a South Dakota Housing, First Time Homebuyers loan. You have to use the property as your primary residence. You would have to refinance the home into a conventional loan to use the home as a rental property.

Dec 9th 2014
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