I currently have a FHA loan on my house. We may be getting transferred to another state for work. Can we get out of our house without selling?

Asked by cwiesehuegel, Naperville, IL Wed Jan 16, 2013

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Ines De La C…, Agent, Marlton, NJ
Wed Jan 16, 2013
Hello Cwiesehuegel,
Thanks for your question.
You can rent or sell your home if you like after 1 year of ownership with an FHA mortgage. You can only have 1 FHA mortgage at this time should you decide to sell.
Is it in NJ or Illinois?
Let me know if you have other questions.
Good luck!
Ines De La Cruz, Realtor, ABR, CRS
RE/MAX Connection
To view all the homes in NJ visit http://www.inesdelacruz.com
0 votes
Cara Esposito, , Sicklerville, NJ
Wed Jan 16, 2013
Hello! In order to answer your question, I just want to clarify something. You mentioned you didn't want to sell. Are you referring to the inability to rent your current home because you have an FHA mortgage, which requires you to keep the home as your primary residence only?
0 votes
MaryAnn Jones, Agent, West deptford, NJ
Wed Jan 16, 2013
Is you home in IL or NJ? This question came up in zip code 08028.
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Wed Jan 16, 2013
If you are asking to get out because your home is not of value and you owe more than what the house is worth... you can get out and buy right away under those circumstances. Such as a short sale. that would greatly depend on when you bought your home also...

I would need to clarify your position and the home before i can accurately answer your question.

What Shane indicated to you is also true about renting your home. Once your 1 year is up then you may choose to leave and rent the home at your will.

Search Short Sales and foreclosure Deals at http://www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Wed Jan 16, 2013
Hi C, Shane is correct. I happen to be a top Realtor and do work the Gloucester County area. I also happen to know agents in Naperville as well. Let me know when you are ready to interview agents or if you need a trusted referral. Good luck to you!

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.979.5967 cell
axelson@kurfiss.com
Web Reference:  http://ericusa.com
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Jan 16, 2013
Not sure what you mean by "can we get out of our house" - do you mean can you give the home back to the lender and not be responsible for any more mortgage payments? Or do you mean move out of your home but keep making the mortgage payments?

FHA loans just require you to occupy the home for the first year of the mortgage, after that then you are free to move out of the home without worrying about the lender coming after you for no longer occupying it. However you still need to make the mortgage payments on the home otherwise it'll go into default and you'll eventually be foreclosed on, which will ruin your credit.

If you are being relocated to a new area not within commuting distance of your current home, then that situation would allow you to purchase a home in the new area with FHA financing as well, and you wouldn't be required to sell your old home with FHA financing already on it. In that situation you could even rent out your soon-to-be-vacated home with the FHA mortgage, and use that rental income to help you qualify for the new purchase with an FHA mortgage.

Shane Milne | Lending in all 50 states | NMLS #81195
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