I also thought it could be a quick discussion between the agents - I'll inquire again about it. 

He advises me to contact a company called FayServicing if I want to inquire about the house.

@Dillon BaerSome employers have 401K fund administrators that allow you to take a loan against your 401k.The IRS allows employers to offer a plan that allows employees to take the lessor of $50,000 or 1/2 the vested 401K balance.You should inquire from HR of your employer to see if they allow this.If they allow this - I would look to rolling over the 401K from your prior employer into your current employer's 401K plan.

@James O Nix I was just inquiring if there was a good reason to not pay off the entire amount...maybe there were extra fines or something.

I'll assume the 5,000 is net operating income after tax depreciation, so you might inquire what your share of the tax depreciation is going to be to get a sense of the operations cash flow.

Ensure you are working with a lender that will present various options suitable to your needs and situation, not just the one you specifically inquire about.But, to answer your question directly, FHA loans do not have a first time homebuyer status requirement.

Cheers to the BP Community for offering referrals when I've inquired. 

Investors should ask about how leverage is used to capitalize an asset, and ensure they are receiving a return commensurate with the risk.Bottom line: Real estate investors should inquire about these risks and receive straight answers to be more confident in their investing decisions.

@Michael Spence I've inquired with a few banks the past 6 months, and so far none of them had said there was a closing cost to a HELOC.

We input our listings on all the normal avenues, people either call or inquire through each respective site.