Can we sell our home after only 1 year?

Question

We have only been in our home for 6 months. So far it has not really gone up in value. We are a military family and are left in a bad situation where we have to move to a different duty station in about 1 year. We were supposed to remain in the same area for atleast 3 years, but that changed. We have been talking about selling after 1 year of buying. We dont expect to make much of anything, but atleast not OWE anything because of the early sell.

We have an FHA loan.

How BAD would it be for us financially and for our credit to try and sell after only 1 year? Is this uncommon or idiotic? If we did try and rent we would actually have to pay money out of pocket to be able to make the whole mortgage payment.

Would this ruin our chances of ever buying another home?

Answer 1

There is no restriction on when you may sell your property.

When do you sell the property have nothing to do with your credit.

If you make money, you may subject to Capital

Gain though.

Answer 2

yes you can sell youtr home before one year

Answer 3

You can sell your home anytime you like. Even immediately after purchasing it. There are no restrictions on this. The only effect it would have on your credit would be if you didn't make enough to repay the mortgage and then for some reason did not repay. Go ahead and sell it, its yours after all and no one can make you keep it if you want to sell it.

Answer 4

If you can sell it for enough to pay off the mortgage there should be no problem with the bank about selling anytime. Try to hang in there if you cannot get enough to cover the mortgage and the cost of brokerage, lawyer, moving , etc.