All Forum Posts by: Michael Cohen

Hi Brian Garlington - unfortunately your "well meaning friend" (aka Chris?) is correct. While you can have an FHA loan, you cannot count the income as qualifying income on the outgoing property unless it's 100 miles away or more.

pre-housing collapse you could do this, but in a Dodd-Frank world, you will not be able to get a mortgage for more than the LOWER between the sales price or appraised value. There are renovation loans, but most stipulate that the borrower cannot do the work themselves. Also, the renovation is planned out (what you're going to do, what materials, how much it will cost, etc.) in great detail well before the mortgage is approved. You don't just get a big pile of money and then have at it at Home Depot. 😀

@Account Closed - I'm with @Zack Karp, this must be an overlay.  Find some nationwide direct lenders. Stay away from credit unions and online companies and you should find someone who doesn't have too many overlays.

I'm not sure what you're asking then.  The bill is incorrect and they're sending out new ones. Ignore it. You do not need to pay the wrong amount.

FYI - I see you're from Gainesville; I'm a Gator.

Seth Row is it a jumbo loan?

Jesse Gargus-Smith you absolutely want to get preapproved before finding properties, let alone putting in an offer. How income is qualified is complex and takes a professional to determine it, as well as your DTI. Also, any rates you see online are going to be "teaser" rates based off of scenarios you might not achieve: perfect credit, 20% down, 6 months reserves, 15 year loan, etc. Find a good, qualified loan officer in your area and talk to him/her first.

There was a problem with tax bills and they're sending revised ones. http://www.baltimorecountymd.gov/Agencies/budfin/customerservice/taxpayerservices/taxbill.html

CORRECTION: I meant if some puts 10% down. Not 20%

On FHA loans, PMI remains for the life of the loan, regardless of equity position. The only exception is if someone put 20% down or more, in which case PMI is eliminated after 11 years. Of course if you're putting 10% down, odds are you're not utilizing an FHA loan.

FHA can be for up to 4 units within a single property.