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24 March 2017 | 8 replies
Not an expert on this, but the times I have purchased a house (personal residence) the lender insisted on knowing exactly where the down payment was coming from, and it couldn't be borrowed money.When I purchased my first house, the 'rents gave me $3000 to help with the down payment.
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23 March 2017 | 1 reply
I have a Property worth about 110K in Dallas TX, I owe 60K. I financed with private lender at 9% interest because I could not qualify for a loan 6 years ago, now I might qualify, my credit score is in the low 700s ...
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23 March 2017 | 4 replies
Question that I have today is;If I BRRRR a Duplex or Triplex with money I borrowed from a Private investor.Once I pay off the private investor and get my money out.
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25 March 2017 | 4 replies
A couple of thoughts:Your current home could be an asset to investing if you borrow against it.
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27 March 2017 | 11 replies
Easier borrower qualifications
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25 March 2017 | 4 replies
Some potential borrowers cannot understand that.
24 March 2017 | 3 replies
Who would I contact to give me such a thorough inspection with an estimate so that I can move forward knowing my borrowing needs?
13 April 2017 | 1 reply
My understanding would be that if the borrower was no longer able to make their payments, that RS/me would be the first in line to recover from a sale of that property.
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6 June 2017 | 7 replies
The 100 mile rule that Chris mentions is true also so you'd need to meet both in order to use rental income to qualify however, if you have "enough," income to qualify for both homes with out "rental income," then you can avoid these pesky guidelines.Below are reminders of several sections of FHA Handbook 4000.1 that apply to the “FHA 100 mile rule” Departure Residence Rental Income: Using rental income from a property being vacated by the borrower: If rental Income is being derived from the Property being vacated by the Borrower, the Borrower must be relocating to an area more than 100 miles from the Borrower’s current Principal Residence.Multiple FHA loans: A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA– insured Mortgage if the Borrower is: Relocating or has relocated for an employment-related reason; andEstablishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.Military Personnel / Occupancy: The Lender must obtain a copy of the Borrower’s military orders evidencing the Borrower’s Active Duty status and that the duty station is more than 100 miles from the subject property.
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6 April 2017 | 8 replies
Is the borrower repairing the property?