When can I sell my Olathe, Kansas home that I bought with a FHA loan and the Federal Income Tax Credit in 2009?

When can I sell my Olathe, Kansas home that I bought with a FHA loan and the Federal Income Tax Credit in 2009?

Q: I bought my Olathe home with an FHA loan in May of 2009. I was able to claim the Federal Income Tax Credit as well. Is there a certain length of time I must reside in my home in order to comply with the terms of an FHA loan. I know that I do not have to repay the tax credit if I reside in my house for three years. Any relevant information you can supply is greatly appreciated. Thank you.
–Janice R. Olathe, Kansas

A: Hi Janice. As long as you’ve lived in your Olathe home as your primary residence for the past 2 years you can resell. Wait until May of 2012 and you can resell and have not Federal Income Tax Credit penalty. To verify I would review your closing docs, specifically the note, and consult with your mortgage lender. Please get in writing if you consult your mortgage lender.

If I can assist you on any other FHA or Olathe real estate questions, feel free to contact the Dowell Taggart Team.

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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