Is there a penalty if you sell your house with in a year FHA?

Asked by Penny Ostlund, Locust Grove, VA Fri Sep 2, 2011

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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sun Sep 4, 2011
FHA loans do not have prepay penalties, and there is no FHA-imposed penalty for paying off an FHA mortgage or selling a home that has an FHA mortgage on it, within a year or ever. There are requirements for having to occupy the home within the first 60 days of the mortgage and for the first year of the mortgage, but nothing about if you decide to sell your home within a year.
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Terri Vellios, Agent, Campbell, CA
Fri Sep 2, 2011
You will have to read the loan documents. Check if they have a pre-payment penalty in it or not.
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