All Forum Posts by: Marquita Hightower

Thanks so much for your reply. Ive never heard of a 5% down conventional loan. Will do my research 

This will be a primary residence for us. First time home buyers. I dont know how to check the legitimacy of the private lender. They have a website.

We have 2 loan scenarios: FHA with 3% interest rate and 3.5%($17,000) down BUT we have to claim $150k of income on our tax returns for 2 years and pay IRS 70K (2 years worth) total in taxes because we are self employed.

2nd scenario: private lender offering 4.5% interest rate with 5% ($27,000) down 8 year interest only loan converting to fixed thereafter

whats the wise choice?

We have 2 loan scenarios: FHA with 3% interest rate and 3.5%($17,000) down BUT we have to claim $150k of income on our tax returns for 2 years and pay IRS 90K (2 years worth) total in taxes because we are self employed.

2nd scenario: private lender offering 4.5% interest rate with 5% ($27,000) down 8 year interest only loan converting to fixed thereafter

whats the wise choice?

Thank you so much! So I keep hearing their are loans for self employed borrowers that don't require 20% down but I have yet to find one. I will keep looking. Thanks for the advice. 3.5% down would definitely be ideal

I think he is trying to find a way to help us buy a house since we are self employed without having to pay 20%  down payment. 

Thank you so much!

I was told by a private lender told me we could purchase a property through our LLC and rent it to ourselves for a few years then buy another house and keep renting the first one to a new tenant or refinance into a new loan. I may not have all the details exactly right but is anyone familiar with this?