The typical term of this loan is 12 months and rates range from 10%-12%.

If it is with HUD, did they foreclose or is HUD servicing the loan? 

For some buyers it would end up being less than a 2.5-3% commish, and for others more.The tricky part for the buyer is it would have to come out of their pocket in addition to the down payment, whereas a commission paid by the seller at closing is included in the purchase price and absorbed into their loan (usually unless paying cash obviously) so the buyer only has to make the down payment out of pocket.

Another thought - are you considering an FHA loan on the next one?

Speak with lenders - and consider that although they might agree they could lend to you today - they might not be able to when you need the loan.Unless the existing debt has no due-on-sale provision, there will always be a risk of the underlying loan being called.If it were to be called due:1.

I would suggest reaching out to owners of multi family who have no loan on the property.

Hey Makani, you should check out DSCR loans, which are primarily for investment properties and focus on the property’s income potential rather than your personal income.

Here’s some guidance to help with your next steps:Hard Money Loan: Hard money lenders can often cover both the purchase price and some rehab costs (up to 70-75% of the after-repair value or ARV).

I read that one of the requirements for getting your second FHA loan is having a change in family size.

Experience depends on who you deal with - the cleaner the loan file and more organized your paperwork the smoother the process with any private lender.