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I have questions regarding FHA Mortgages and loans. First…

I have questions regarding FHA...
I have questions regarding FHA Mortgages and loans.First question; What is the current or average % loan rate? Can I get that rate locked in for 15 to 30 years? Or will it vary in % rate over the 15 or 30 year period?Secondly; if I purchase a property and after a year I decided I want a different property; could I transfer that FHA mortgage to another property that's for sale?
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Answered in 1 hour by:
3/8/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,771
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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My name is***** will assist you today.

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The 30 year fixed rate is currently 4.35%

The 15 year fixed rate is 3.77%

5/1 Adjustable rate is hovering around 4.2% based on a thirty year loan.

Rates do very by location, down payment, clients credit history.

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Q: Secondly; if I purchase a property and after a year I decided I want a different property; could I transfer that FHA mortgage to another property that's for sale?

A: NO! The mortgage is underwritten for the specific property and based on your current risk, income, etc profile.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 5 months ago
Ok thank you.Final question, am I able to sell the property before I have paid the FHA mortgage off. If I improve and add value to the property increasing its value?

Yes, you are able to sell the property before you have paid off the loan. --You can sell at any time.

At closing the paperwork will include a pay off of the FHA loan.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,771
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Finance Specialists are ready to help you
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Customer reply replied 5 months ago
Thank you for the advice.

Please do let me know if you have additional loan questions. I enjoy them.

Have a good evening.

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