Selling personal house purchased with USDA Loan ?
I purchased my personal resident's using a USDA loan about a year and a half ago. I have entertained the thought of selling this house and purchasing a four-plex using an FHA loan and living there four at least a year to save on living expenses . And obviously own the four-plex at a good rate.
I have been looking in my contract of sell for my personal house to see if there is any penalties for selling . Is anybody aware of any penalties for selling USDA loan since it is 100% financed ? I think that there is no capitol gains tax if lived in for two years.
I will mention I live in central OR and the same floor plan as my personal house that I purchased 1-1/2 years ago just sold last month for $40,000 more than what I paid for mine. It seems like that is really fast growth for an area to have. After 4yrs of almost zero new construction . Everyone is building SFH again . Which worries me that it is to fast to soon. The Multi-Family units have not increased at the same rate which seems like it would be a good to purchase and live in one.
Thoughts ?