I would inquire about that with your loan servicer.Lastly, like everyone has stated before, do not pay off those prior collection accounts without a letter in writing from the companies stating they will delete the item.

I understand that unemployment is a major one and understanding what industry employees the workforce in your target area bur what are the metrics used during your "litmus test" of an area prior to going to work on getting it under contract?

If she had a prior lease I've discussed purchasing the property as my own personal residence.

1) down payment of 3.5% with FHA or 5% with HomePath2) 2 appraisals if it's an FHA (one prior to renovations and one after renovations) ($1000)*0 appraisals if it's a HomePath as they don't require them3) general inspection $5003) pest inspection $2004) contractor bids if they charge for that5) moving costs up to $10006) furniture etc... up to $20007) landscaping renovations (not covered with loans) $1000

Which, and this is important, you are bound to the terms of that lease whatever they may be so make sure you know what you are agreeing to.Search here on BP for "e-stoppel letter" that is something I would require prior to closing.

Often times you are likely only getting a Special Warranty Deed which only gives warranty during the time of ownership and does not offer warranty prior ownership.

Prior to 1 year they will only use the most recent purchase price, meaning you would still have to keep 20% in until 1 year.I have heard that some smaller banks will reduce this to 6 months, but I have not found one yet...

You may want to seek the advise of a qualified CPA or other professional prior to investing this way.Attached are some articles that may be hell on this topic.

Hello all, New here, did some quick searches prior to posting but as i am typing on my lunch break couldn't go too deep into the archives.

In your case, it almost certainly will be the cost.The personal residence capital gains exclusion is $500k married, $250k single, and you can use it if you occupy the property for 2 of the prior 5 years.