There is also a Federal Grant currently in place the FDIC Banks and private lenders can use that offer not only down payment grant money but they cover the mortgage up to 75% similar to section 8.Please let me know if you need additional programs or breakdown of my original post to help this young man.

Hey Marika, I'm originally from Queens, New York. 

Failed listings could mean canceled listings, expired listings, or where there have been no updates to a listing for X period of time and they just move them to failed.Equity could be calculated based on FMV - original mortgage OR FMV - estimated current mortgage amount. 

Tyler,On a purchase the lender will always go off of the contract price as long as it appraises for the amount that coincides with the original LTV.

I love that you rented two of your bedrooms as mid term and short term rentals and made enough to pay for the mortgage and now you are going to use the rental income to show you can qualify for another property.This is an excellent strategy and one more people should consider doing in this inflationary environment to offset the biggest cost in their budget--housing.As you rightly point out, you can use this strategy with every house you buy accumulating a portfolio of houses that you originally started out living in as a primary residence every two years.Well done and more people should consider doing the same, or rent their garage, or shed, or a boat, or an extra car.Love it!

(And look out for any language in the original contract that may say something along the lines of “no promises made outside of this document may be enforceable.”)I have nothing to sell you.

It has cabinets that are original, 45 years old.

We are saving over $1,100 per month on our mortgage payment and banking over $350 in additional monthly debt paydown by taking over a 3% loan originated in 2021 compared to a 7% rate loan if we took out one today!  

Estimated rehab about 44k but may be less ( I wanted to be conservative). 12.99% annual interest rate, Originator fee, 2.99 points, closing fees $990.

@Theresa Harris I did used the mortgage calculator to figure out the payoff periods with additional payment in my original post