If you are wondering can I get another FHA loan if I sell my house, the answer is an astounding yes. This type of loan is one of the safest and most guaranteed loans out there today for real estate transactions. The reason why FHA loans have become such a hot commodity is due to their low interest rates, which make buying a home affordable to anyone. The down side to an FHA loan however is that there are limits as to how much money you can borrow. If you sell your house before you pay back the loan, you can lose your house, which will put you in a very difficult situation financially.
In order to be able to get another FHA loan, you will need to have some kind of proof that you intend to sell your house within a certain period of time. This proof can often be in the form of a promissory note, which is a legal document that states that the bank is requiring you to repay the loan if you miss a single payment. In order for this to be enforceable, you will need to have gone through the proper channels, and not attempted to get away with it by defaulting. It is possible for a foreclosure to go through even after you miss a payment, but most lenders are willing to let the foreclosure happen because of the potential losses that it will incur.
The best way to get another FHA loan is to first try to sell your home. You can do this either by having it sold through a Realtor, or by placing a “for sale” sign on the front yard. This will drive potential buyers to your property, and may be enough to convince them to give you the money you need. If you are unable to sell your house by the specific date mentioned in your promissory note, you can then try selling it through a Trustee in lieu of a Trustee’s sale. Most banks are willing to help with this since they would rather receive some money in lieu of the loan than not receive any money at all.
When you sell your home, the proceeds from the sale go towards paying off your existing mortgage payments. This means that the value of your home goes down. This is why it is good practice to make sure that you know how much your house is worth when selling. Having an appraisal done before you put your home up for sale can help you determine an accurate price. Once you have an accurate price, you can then shop around to find a buyer who is willing to take on your mortgage payments, assuming that your home is worth that amount.
You can also consider selling the home yourself. If you have some extra money, you might want to consider trying to sell your home on your own. There are a number of websites online that will allow you to list your property for free, and many times, getting a loan to sell your property can be quite difficult. If you decide to list it on your own, however, you will have to make sure that you have enough funds available to pay for all of the legal fees, as well as any repairs that you would have to make in order to get it to market value.
The other option, and probably the best one, is to go with a lending institution. Lending institutions offer loans at lower interest rates than banks, and can often buy homes that have already been appraised and sold by investors. These loans will be backed by the federal government, and they will offer a fixed rate until you sell your home, at which time it can revert back to your loan. Another advantage to dealing with a lender is that most will allow you to put money toward your mortgage payments each month until the loan has been paid off. However, there are disadvantages to dealing with a bank or other financial institution. The main disadvantage is that you have to maintain extremely good credit in order to qualify, and you will typically have to wait three to five years in order for the loan to be fully paid off.