How long you have to stay in the house after refinance? The agreement document says I intend to stay but does not say the time(years) how long to stay

Asked by Olyvia, Hidden Meadow, Laredo, TX Sun Nov 21, 2010

How long you have to stay in the house after the refinance? The agreement document says I intend to stay but does not say the time(years) how long the owner has to stay in the house. Generally when one gets new mortgage after staying 2 years at the same house one can sell. Is there any legal time frame for staying after refinance?

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Bob Phillips, Agent, Rancho Santa Margarita, CA
Sun Nov 21, 2010
You didn't mention whether you wanted to keep the property - presumably as a rental - or sell it. If your question is related to your tax position, in making it a rental property vs. your personal residence, for tax purposes, then your question should be directed to a tax specialist, not a Realtor.

If you are merely going to sell the property, there is probably NO gestation period which should affect your sale, except possibly if the loan is FHA, when it could affect your buyer, for the 3 months or so, after it has funded. Bear in mind, I'm not certain on that point - and this should not be considered an authoritative opinion.

Good luck in finding your answers.
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Edith Karoli…, Agent, Winnetka, IL
Mon Nov 22, 2010
Get clarification of your loan docs from the lender who is holding your loan.... or show your loan documents to a real estate attorney to give you legal advice.
As we do not see the loan docs and know your intentions it is hard to give any further advice!
Your lender and/or your Real Estate Attorney are your best sources and depending on what you do
thereafter you may also want to consult a tax accountant....

Good Luck! I hope that some of our advice will help you to get the answers you need to proceed with your plans.
Edith Your Chicago Connection and YourRealtor4Life!
Working always in the very BEST interest of her Clients...
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Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Mon Nov 22, 2010
Hi Olivia,

Looks like you are asking about selling your property. If so, you can buy today & sell tomorrow, you can even sell the property the same day you buy it, if that can be arranged.

Good luck on your sale,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA, VA, USDA, Jumbo, Conventional, loans to Canadians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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Raquel Unger, Agent, Irvine, CA
Sun Nov 21, 2010

I suggest you re read the loan documents and or call the lender and ask the above question. The broker Thom gave you good advice. You might want to consult with an attorney if you do not want to call the lender and cannot find the terms in the loan papers. Check the numbers on the bottom of the documents to confirm you have all the papers.

Wishing you the Best,
Raquel Unger
Evergreen Realty & Assoc. Inc
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JoJo Harmon, Agent, Laguna Niguel, CA
Sun Nov 21, 2010
If you're concerned about the capital gains tax issue, see below and go to this website for more info: ReFi's do not affect this as it goes off your purchase date.

$250,000 Exclusion on the Sale of a Main Home
Individuals can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple) as long as you have owned the home and lived in the home for a minimum of two years. Those two years do not need to be consecutive. In the 5 years prior to the sale of the house, you need to have lived in the house for at least 24 months in that 5-year period. In other words, the home must have been your principal residence.

If your concern is whether there is an early payoff penalty with your refi loan, you will need to look at your loan docs to see what is specified.
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Thom Colby, Agent, Irvine, CA
Sun Nov 21, 2010
Olyvia -

You loan docs will likely have language that states how long you have to stay in the property. If you are taking an "Owner Occupied" / Primary Residence loan and you are already talking about "staying or not" I suspect you have other plans in mind. Just remember, if you know what your intentions are and sign loan docs that state something different, that's called LOAN FRAUD. If you just "make up" a story to get avoid the terms you attested to in the loan docs, that's LOAN FRAUD too.

If you have no intention of keeping this property as your primary residence / owner occupied - you better THINK before you sign.

I am not an attorney and this should not be perceived as legal advice. Be careful what advice you solicit and use.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
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Ryan Doll, Agent, Huntington Beach, CA
Sun Nov 21, 2010
If you want to be safe around 90 days but you can always say something came up and you had to move. If you have anymore questions please contact me at
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