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All Forum Posts by: Daniel Leake

Daniel Leake has started 2 posts and replied 4 times.

Charles--I like what you are getting at. This is what I have been trying to read about.

It seems that there are basically two large expenses I could itemize: Mortgage interest, and property tax.

But, it looks like, to itemize these deductions, they would need to be stacked together. If I close one tax year, but pay most of the interest in the next year, individually they are not big enough to itemize.

Does that sound right?

Hey,

I am purchasing my first owner-occupied (and first ever) home. Closing is currently set for December 28. Would there be any reason that the Realtor is trying to close before the end of the year, or any reason that I would want to wait and close in 2011?

I understand interest paid, points pre-paid, etc...can all be written off in whichever year they are paid in. Is there any additional benefit either way?

Thanks!

That's too bad.

We checked into the 203K loan originally. The first challenge was that it would have been a higher interest rate. The second challenge would have been having to use contractors for all the repairs instead of doing them myself.

Why would the FHA not acknowledge their own appraiser's inspection? Seems like as long as it appraised for at least the mortgage amount, there wouldn't be a problem.

I was about to purchase a house in southern Virginia. The house is older (1907). The previous owner has done some repairs--kitchen and bath rebuilt, and most walls replaced.

It's still in pretty bad shape--thus the 35k price tag. I see it as a perfect starter house. (As a side note, it was condemned for a short time because of some unpainted portions on the outside of the house. I talked with the city--they agreed to lift the condemnation and make it "livable with violation" and that once I fixed the violations, all that would go away.)

This was to be my first home. I had pre-qualified for a FHA loan with VHDA assistance (basically to cover what I would have had to bring to the table). I signed an offer, loan application, etc.

The mortgage company's inspector did an appraisal and appraised the house at 79k. (The city has it assessed at 57k for tax purposes.)

My lender called last week and said the FHA was not going to accept the house as collateral on the loan because of the poor condition.

MY FIRST QUESTION:
If it was appraised by their appraiser at 79k, where would this new decision come from?

MY SECOND QUESTION:
My lender mentioned he would look for some private company to lend a partial amount to allow me to fix up the house enough to work for the loan. Does anyone know what this would look like, or have experience with anything like this?

Thanks for your time!