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Is it true that there can be penalties for not paying off an FHA mortgage in a certain time frame? How can I avoid that?

FHA loans do not prorate the interest on a FHA mortgage payoff. You are required to pay the interest on the loan for the month in which the loan is paid off. You do not want to duplicate paying interest on both the home purchase and sale or simply not pay a whole month of interest on a home you do ... view answer >

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# Question Guru Date Answered
1 I am renovating my home and I would like to install energy-efficient features and appliances. Where do I start and are there grants and/or rebates available? Carol Davanay 03/05/2010
2 I am building a new home and I want it to be as energy-efficient as possible. Where do I start? Carol Davanay 03/05/2010
3 Have you heard about the new credit score simulator, and does it work? Heather Moorefield 03/05/2010
4 Where can I access a government listing of foreclosed houses? Greg Hatcher 03/02/2010
5 I will be stationed at Langley AFB this summer, and I’ve been told by others in the squadron to keep Poquoson and York County on the short list because of the schools and location. In the research I’ve done, Poquoson sounds like a nice, quaint town, but I’m concerned because I’ve heard about flooding in Poquoson. Should I exclude Poquoson from my search because of this? Brian Sklute 02/27/2010
6 I know your market analysis shows that the market value of my home is around $301,500, but I’d like to start at $310,000 to have some “wiggle room.” Don’t you agree? Brian Sklute 02/27/2010
7 In this current buyer’s market, what can I do inside my house to make it show better than the competition? I am in a must move situation. Brian Sklute 02/27/2010
8 Do I have to wait to file my 2009 taxes to get my first time homebuyer tax credit? Colleen Starr 02/27/2010
9 As a seller, should I let the buyer have early possession? Jennifer Brown 02/27/2010
10 Can Unmarried co-purchasers get the home buyer tax credit? Colleen Starr 02/26/2010
11 My family will be relocating to the Hampton Roads area soon, and the quality of schools is a key concern as we have a child in middle school and one that will be in high school next year. Can you recommend a site with factual information? Brian Sklute 02/26/2010
12 What does "recourse" mean on a short sale? Brian D. Lytle, Esq. 02/26/2010
13 I am considering purchasing a house that is in a neighborhood with a homeowners’ association. Will I get to see the “rule book" before being obligated to making the purchase? Brian Sklute 02/23/2010
14 If I have already purchased land and plan to build a home now, will I qualify for the 1st time home buyers tax credit? Heather Moorefield 02/20/2010
15 What is an REO and should I buy one? Carol Davanay 02/12/2010
16 When must a home seller in Virginia supply the purchaser (buyer) with a disclosure or disclaimer statement? Tim Parker 02/12/2010
17 What is an "escrow" account? Tim Parker 02/12/2010
18 What is" marketable" title? Brian D. Lytle, Esq. 02/11/2010
19 I'd like to sell some investment property. Can I avoid paying capital gains? Colleen Starr 02/11/2010
20 Why should I buy owners title insurance? Brian D. Lytle, Esq 02/10/2010

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