All Forum Posts by: Account Closed

Bump

So even these low down payment conventional loans have that 12-month occupancy requirement then? I have a 97% LTV mortgage on my primary residence myself but I was unaware of that clause in my paperwork, if there is one in my particular case.

@Chris Mason Awesome, thanks for the info man. That's very good to know. I would have thought there'd be some kind of rule preventing that. Now are your clients you mentioned doing FHA loans over and over? Or just low-down-payment conventionals over and over?

 Ah ok, so after living there for a year you can do whatever you want and still keep the loan then? Do you know if this is still allowed if it's not your first home purchase?

Seems like a solid plan if everything works out alright.

I understand that FHA loans are only allowed to be used on a primary residence, so I'm wondering if there's anything illegal about getting a 3.5% down FHA loan and moving into the property, then eventually moving out and turning it into a rental. I wouldn't be surprised if someone could successfully do this and get away with it, but I would like to know if this is actually illegal. I don't want to break any laws or official rules.

Anyone know how that would work? Would you somehow be made to refinance upon moving out?

I live in the Atlanta, GA area and travel through SC, especially the northeast (Anderson, Greenville, Spartanburg areas) all the time, so I'd like to start attending some good REI events in those areas that I frequent, when I can. If anyone has some good groups that would be worth checking out, I'd love to hear your suggestions and put some meetings and any other events in my calendar. Thanks!

How many credit cards do you folks here have? And what are your favorites, that offer the best incentives/rewards?

I have solid credit (over 750) but I'm wondering if opening another card to, 1) earn better rewards on purchases I'm making anyway, and 2) possibly improve my score by increasing my total available credit and lowering my percent of revolving credit used, will be a good idea.

I currently have two credit cards with a total limit of under $15k and I'm thinking about getting a third. I found one that offers 2% cash back on all purchases, which definitely beats the 1.5% I'm getting with my current favorite card, but I'm wondering if maybe there's a card out there that offers really good travel rewards that I'd like better.

Thoughts? Suggestions? Input? Favorite credit cards?

Thanks BP

 Do you suggest just simply asking every seller I come across if they're interested in seller financing? Or is there a better approach to finding them?

 Thanks, good points. I'm still new to this so this is all great info to think about.

 Ok that makes sense, thank you. I didn't know if it was some hard and fast rule that I hadn't heard of before. So it just depends on market conditions and the wholesaler then.