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Answers (7)
- Andrew Adams, "203K Specialist"
- Contributions:9349
The only refrence to the 36 month rule is the good neighbor program. That program allows you to purchase the home at 50% of the value of the home.
My guess is that they will require you to stay the three years or they would take the proceeds.
My guess is that they will require you to stay the three years or they would take the proceeds.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Randy...FHA DOES NOT HAVE A 3 YEAR RULE.
They could have an IRS issue with a tax credit...unrelated to FHA. Or they may have a different loan all together.
They could have an IRS issue with a tax credit...unrelated to FHA. Or they may have a different loan all together.
- Randy Thomas, "RandyThomas"
- Contributions:321
Like most loans their maybe exceptions to for a early exit. My best advise is to put together all your docs and get face to face with a FHA lender, I would be happy to refer you to a person I have worked with that really knows FHA inside and out.
- OelrichTeam
- Contributions:0
If you are referring to the three year requirement of having to reside in your home as your primary residence to avoid paying back the tax credit, YES, you technically CAN sell your home, BUT you are then subject to having to repay the tax credit back to the IRS.
HOWEVER, if you are having a documentable financial hardship, you may also be able to negotiate for relief from that liability from the IRS via an "Offer in Compromise."
This is not an easy process, and has other tax implications for several years as well.
My advice would be to seek tax advice from a CPA or tax attorney, as they are the most qualified to guide you through this process. If you cannot afford their professional fees, you can also reach out directly to the IRS taxpayer advocate in your region.
HOWEVER, if you are having a documentable financial hardship, you may also be able to negotiate for relief from that liability from the IRS via an "Offer in Compromise."
This is not an easy process, and has other tax implications for several years as well.
My advice would be to seek tax advice from a CPA or tax attorney, as they are the most qualified to guide you through this process. If you cannot afford their professional fees, you can also reach out directly to the IRS taxpayer advocate in your region.
- wetdawgs
- Contributions:26833
Are you talking about the three years as primary residence because you received the first time home buyer's tax credit? If that is the case, then no, you can't get out early.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
I think Andrew is correct. FHA should have no such rule. Are you talking about some sort of IRS issue?
- Andrew Adams, "203K Specialist"
- Contributions:9349
FHA does not have a 3 year rule.
I need help getting out of FHA loan
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