Q: We purchased a newly constructed home with a VA Loan that we’ve been living in for only five months. My wife and I have determined that the distance and traffic is unbearable and want to move back to the city. Is there a requirement in Maryland that says that we can only sell after a specific time living in the house?
–InfoSearcher, Waldorf, MD
A: There is no state requirement that I have ever seen. It would be in your loan. Check the note. It might say you have to pay a prepayment penalty if you sell within two years (or some other time period). If it does not, you can pay off the loan with the sale proceeds whenever you want. You just have to be sure you have proceeds enough, so be sure to subtract commission and any state transfer taxes from the proceeds.
Linda Walters is a Cincinnati Realtor®® with Sage Realty LLC in Wayne, PA.
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