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Sell our home with FHA loan we recently purchased?

Profile picture for annarussell05
My husband and I bought our first home in March with an FHA loan and we have been current on all payments.  My husband was just offered a promotion which would require a move to another city.  We have only owned our home for 8 months - is it possible to sell our home without penalty?  We would like to sell the home and buy another primary residence in the new city.  Thanks for the advice.
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November 26 2011 - Phoenix
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Profile picture for wetdawgs
You will find that selling the house costs 8 to 10% of the current market value of the home (of which 5 to 7% is Realtor costs).   I'm not sure what you mean "without penalty", but do know there will be a financial impact.
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November 26 2011
Profile picture for funds2
FHA loans have no penalty for pre paying loan other than be sure closing date is last week of a month. FHA loans require interest be collected for entire month if pay off is not received prior to 1st of a month.
You bought the property as your primary residence, and getting transferred to another city is a perfectly acceptable reason to sell your current residence.  You could obtain an FHA loan in new city if that is your best option.
This would be a good time to get pre approved for a new loan prior to move so that you will know your options.
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November 26 2011
Profile picture for Elaine Manfredi
There shouldn't be any prepayment penalty on your FHA loan.  Best of luck with your move!
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November 26 2011
Profile picture for Rita Walker
There should be no prepayment penalty. If you are concerned about Real Estate commissions have your husband talk to his employer about helping with your relocation. Many employers will help with selling your home and with relocating you to a new city. Never hurts to ask.
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November 26 2011
 
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