All Forum Posts by: Account Closed

I'm looking at my first property. Is it possible to get a conventional loan for a HUD listing. The bank says they will not turn on utilities for inspection. Will lenders accept an inspection with the utilities off?

Is it possible to get a conventional loan for a HUD listing. The bank says they will not turn on utilities for inspection. Will lenders accept an inspection with the utilities off?

I’m interested in a property that has what looks like copper waste lines.  Some has already been replaced with pvc but not all.  Should this be a concern?  

Hello,

I have been saving to buy my first home.  I’m looking to buy something that needs some work that I can do the majority of myself.  These types of houses are priced at 225 to 315k for the areas I’m looking in south jersey.  My biggest hold up is whether or not it makes sense to put 20% down on a 300k  house and then put another 20k or so into updating it.  With the rates now I’d plan on refinancing either way hopefully if they go down in a year or so whether I do 20% or less than 20% down and hopefully pulling out some of the equity to buy another.  I have enough saved to do 20%, cover costs of updating, and have a decent emergency fund but I’m not sure if that is the correct strategy if I want to buy a second house down the line and repeat or pay the extra $200 a month increase with putting only 10% down.

any advice would be appreciated!

Quote from @Shawn Mcenteer:

Hi @Christopher Morris House Hacking is NJ is great way to go.  Success stories are happening every day,  I have clients breaking record rents on house hack more so than ever.  

Great news, finding the right lender can solve the FHA or conventional problem. Long story short I have never put more than 10% down on a loan and I have never use FHA. Me and my clients all use a low money down conventional mortgage (as low as 5% down) with NO PMI and extremely low closing costs. This loans absolutely works on multi family properties and is the go to loan for North New Jersey. Your best bet is to keep liquid cash and avoid PMI.

What conventional loan/lender is offering less than 20% down and no PMI?

Has anyone looked into the Bank of America Affordable Loan Solution mortgage? If so could you share details about it?

Any input on townhomes as an investment (most likely turning it into a rental after a year or so)? I'm looking in New Jersey relatively close to Philadelphia. There are a decent amount of townhomes available in the low 200 range and below while single family homes are scarce at the moment. I have been looking at the price history of them and for a majority of them they seem to never go up in value or loose they value compared to its original price when built. Obviously HOA fees can make or break a rental but besides that has anyone had experience with townhomes?

Im looking to buy a home with the intention of making it an investment property after a year or so. in south jersey I have the money for a down payment and rehab costs. However should i take advantage of the FHA loan and keep the cash that would have went towards the down payment and refinance after a year?

I️ recently started looking into these mortgage options to purchase a home that needs work. I️ understand that these require a contractor to complete the work. I️ have a few questions though that I️ can’t seem to find the answer to. 1. Who decides what work needs to be to the home? 2. This question depends on the first but could I️ use either loan for major repairs out of my ability and for cosmetic repairs do myself with my money? For example if the house needs a roof, Hvac system, renovate kitchen, baths, and flooring throughout. Could I️ use the loan just for the roof and hvac installs and do the kitchen, baths and floors myself out of pocket? Thanks in advance