We keep getting told that because we are first time homebuyers and eligible for FHA loans for $250,000 and make less money so we also qualify for down payment assistance programs, that we are smart to invest in real estate.

I would buy  out the tenant, assist as much as possible in locating a new home for them as well as assist with their physical move.The mistake would be entirely my responsibility and I would do what ever is necessary to comply with the HOA.If the tenants refuse to move I would file a eviction and hope it will be motivation enough to get them to reconsider moving.

And do not take that on in any form that attaches any asset except the asset you are borrowing for.  5.

Instead of renting the house, we are considering borrowing money to repair and flip.

My credit score is 667, with no major issues and my salary is $93600. From my research it does not meet the minimum 680 for an investment loan. My fiance has a 720 score but only makes $30000. Would she be able to hel...

Then the work will begin.The HomeStyle loan is ONLY for Single Family Homes.Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Minimum: $ 5,000 (below this on an exception basis only)Maximum: Limited to 50% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term: The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

BUT, I had a borrower one time in Ft.

Now here is another issue the note and mortgage clearly stated that any recourse would be against the property only and no recourse against the borrower in the event of default.

Maybe I misunderstood, but on the surface, not a deal I would put any of my borrowers in?

I've seen nice 3 bedroom homes in Florida City for around  $170,000Another thing I may add is considering down payment assistance.