All Forum Posts by: Lauren Norman

Anywhere in Hudson Valley: Westchester County, Duchess County, Peekskill, Ossining, Sleepy Hollow, Beacon, Crouton, or in Brooklyn: East New York, Ocean Hill, Cypress Hills. Def want a 4 unit.  Do you have anything? 

@Jenna Stonecipher Can you comment more about why you chose not to go NACA? I'm glad to learn about both FHA & NACA programs. Here's what I'm gathering and please correct me if I'm wrong, as I don't have a lot of experience with either, although I just got pre-approved for FHA so I was heading that direction.

This is what I gathered from the forum...as a general overview

FHA

1) quicker & more organized 

2) need 3.5% down payment

3) will need to find out the % of your mortgage rate which varies daily and by lender

4) Need to use FHA's own inspector

5) there is PMI

NACA

1) takes a long time to get approved 

2) isn't as unorganized

3) you must use NACA's own overpriced (as someone said) contractors, appraisers, & inspectors

4) you have to volunteer 5x/ year

5) Must be your first home purchase

6) no down payment

7) no PMI

Looking to buy in the next 30 days

Seller must be ok with FHA financing

@Scott Williams Hi! How have you enjoyed your new investment property? Am I correct in thinking you did house hacking on your 3 Unit? Any advice from your experience as a (new?) landlord? 

@Bill Gulley Will you be taxed on any money you set aside for emergency repairs or CapEx?

Thank you @Steven Gesis & @David Faulkner Appreciate the help!

Thanks @Logan Allec Did the house need any rehab? Did you do anything with a 203k? 

@Jason Clark

Hi! I've been reading a lot on BPP for the last 6 months now and am finally getting to looking at properties! I'm currently looking at some MF in the Hudson Valley and want to finance it with FHA, as it would be my primary residence...so I want to house hack as Brandon calls it.

I looked at a home that needed some rehab and the seller's agent said the seller wasn't too keen on FHA loans because she had already dealt with another buyer who also wanted to finance with FHA. The seller's agent said if I go FHA, the home has to be inspected by a specific inspector sent by FHA, and in that case, the first buyer was denied the home because it didn't pass the specific "FHA inspector" guidelines for a "203K rehab loan".

The home was built in 1940 and needed some rehab but without a contractor, I wouldn't know how much. 

Does anyone have experience on how to buy older MF homes that need some renovation using an FHA loan?

Can you apply for a 203K rehab loan and still get the house approved by FHA?

Yes, I wouldn't want to live with only 1 train line access because of weekend work. Theres always a problem! Oh MTA!