All Forum Posts by: Account Closed

@Michael Cohen: You are the man. Thanks for all the advice and suggestion so far. 

@Benn Albrecht, so it was 6% of the purchase price and not the closing cost. My lender is saying 6% of the closing/prepaid cost.  Thanks for your input man.

@Benn Albrecht, your closing cost was $70,000? :O? 

Thanks @Jared Reutter and @Stephanie Foster for responses. How much prepaid/reserve did you guys had to show?   

Also, the lender I am using says the Seller can only contribute up to 6% of the Closing Cost. May be it is Lender specific. 

@Jared Reutter, thanks for the process details. I am talking to a mortgage broker for a full 203K loan as well. He mentioned the closing cost will be 4% of total price (purchase + renovation). Is this consistent with your experience? 4% of  ~ $300K-400K is a lot. 

@Michael Cohen, thank you. Will PM you now. 

My mortgage broker just told me the maximum rehab amount that can be financed into the 203K loan is $35,000 (this includes HUD inspection and other fees). Is this amount set by HUD or this limit varies by institutions?

Hello Zoning Experts,

The Zoning for the property is R-75- SF Res Districts but the Land-Use says 102- Residential 2 Family. 

Currently, there are two buildings on the lot. Each building already looks like a duplex and the tax assessor's website says 06-DUPLEX 2 FAMILY RESIDENTIAL for improvement types for each building.

Question: Can I convert each building into duplex with the current zoning? 

I called the Zoning department but the person was not that helpful. I looked at the County's Zoning ordinance and it does not have the information I need. 

DekalbZoning.com defines R-75 as:  Single family residential districts which allow up to 4.3 dwelling units per acre with provisions for customary accessory uses. Does that mean I can have 2 Duplexes on this lot? 

Thanks for the help in advance. 

Thanks a lot @Curt Smith. 

@Mitch Messer, thank you. I will reach out to you.