All Forum Posts by: Craig Fithian

FHA has announced that the temporary waiver of FHA's regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, expires on December 31, 2014. The waiver applies to all sales contracts executed on or after Feb 1, 2010 to 11:59pm Dec 31, 2014.

FHA deems a sales contract to be executed when all parties have signed the contract, and the contract is enforceable under the law of the property state. Mortgages that are made on properties in which sales contracts have been executed after 11:59 on Dec 31, 2014 are not eligible for a waiver of the regulation prohibiting property flipping. FHA will not extend the waiver beyond this date.

http://www.gpo.gov/fdsys/pkg/FR-2012-11-29/pdf/2012-28918.pdf 

I am a new investor in Louisville, KY, just getting started with Direct Mail and was wondering if any of the Louisville BP members can tell me what are the areas most investors avoid.  Are there certain zip codes to exclude?  Thank you in advance.

Craig

Isaac,

Neither FHA nor USDA will allow for Investment property financing. Those programs are for primary residence financing only. They only way you could use either of those is to buy it and live in it.

Joseph,

Conventional financing (Fannie and Freddie) will only allow for 70% Loan to Value on an Investment property loan with 2-4 units.  ($283,500 based on approximate value).  In addition, TX has some very restrictive cash out laws.  

You may be able to get a HELOC for cash, I would keep your current loan/rate, you can not do any better, even if it was your primary residence. Any cash out financing should have done while you still lived there though. Just my thoughts on it - I have been in the mortgage industry for almost 20 years. Let me know if you have any questions, I'd be glad to help.