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I am selling my abode. My new abode is ready and will be moving in before i sell the old.
Was hoping to time it out so i could roll the equity from sale to new one, but not gonna happen.
So once i sell my old, how long do i have to roll the equity into the new home to avoid it being deemed "income"?
I have heard 45 days, 90 and the mtg lady said 365 ( which i find hard to believe ). Furhter, since im doing a VA loan, i have to keep for min 6 mo ( wont let me refi nor will they allow me to send in a lump sum and re-amortize my current loan )
and i also dont want this $$$$ hanging out because after a month or so, my wife will annex it and ill have interior decorators running roughshod thru the home.
Was hoping to time it out so i could roll the equity from sale to new one, but not gonna happen.
So once i sell my old, how long do i have to roll the equity into the new home to avoid it being deemed "income"?
I have heard 45 days, 90 and the mtg lady said 365 ( which i find hard to believe ). Furhter, since im doing a VA loan, i have to keep for min 6 mo ( wont let me refi nor will they allow me to send in a lump sum and re-amortize my current loan )
and i also dont want this $$$$ hanging out because after a month or so, my wife will annex it and ill have interior decorators running roughshod thru the home.