What advice you have for me given the market parameters. 3.

Do you think it makes sense for me to get approved so I have an idea of the interest rate and what percentage down would be required if i intend to buy in the next 6 months or so?

I knew the market was going to increase in this area, but at the time, even spending that much was a lot for me!

I knew the market was going to increase in this area, but at the time, even spending that much was a lot for me!

I want to say it'll be good for 120 days (would have to double check), which if you assume a 30 day mortgage process means you need to be ready to refi in 90 days, or you'd have to spend a few hundred bucks on a 442 (FNMA form #s evidently don't change much over time) to confirm it hasn't dropped in value due to changing market conditions in the interim. 

I know most banks are FDIC insured, but who knows how that whole process would go if it becomes necessary.Therefore, when these guys are saying they have cash ready, do they mean actual physical US dollars, cash in banks (like most Americans), or some other form of asset?

Not complaining because this is certainly good news for me...but I have to really wonder how some of these OZs were decided.

If it's more than $30,000, she will need to complete a simple tax form, but she will not owe taxes.Also, does your wife by chance have a single sister?

This will help me determine what I will offer on the property.Some details, if they help:I will use the FHA loan for this.(3) 1-bed 1-bath units rented at 425 a month, 1 is vacant (for me).

Having given this idea some thought, you have not provided enjoying information for me to make a sound decision.For what it’s worth, you may have equity today, but it may be non-existent tomorrow.