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5 September 2020 | 7 replies
Fannie Mae Homestyle Renovation)FHA 203K (Pros)-Must be owner occupied -Lower Credit Score requirements (as low as 580) -Lower down payment requirements (as low as 3.5%) -Low interest rates -Down payment and closing costs can be given as a gift-Streamline refinancing (no home reappraisal, credit check, or income verification)FHA 203K (Cons)-Upfront Mortgage Insurance payment (~1.75%) and monthly for life of the loan-Need to secure reputable contractors, and need to be very diligent with paperwork-Lengthy Loan process (~45-60 days based on my research) -Rehab Limitations under Streamline FHA 203K ($35,000 max rehab budget + requires 15% contingency in case of cost overruns)Most non-structural, non-luxury items are acceptable:-Kitchen and bathroom remodels-Appliance replacement-Carpet and flooring-Roof replacement-Painting-Repairing safety and health issues-Energy-efficient improvementsFannie Mae Homestyle (Pros)-Doesn’t have to be owner occupied -Any type of renovation or repair is eligible (as long as it’s permanently affixed to the home and adds value)-Loan-to-Value is based on your home’s expected future value and not its value today-Renovations must be completed in 12 months and seller concessions are permitted (home sellers can pay closing costs if you add to your contract)-No upfront Mortgage Insurance Premium-Potentially lower Mortgage Insurance costs (if you’re putting less than 20% down) based on down payment and credit scoreFannie Mae Homestyle (Cons)-Higher down payment requirements (as low as 5% for 1-unit, 15% for 2-unit, 25% for 3-4 unit)-Higher credit score requirement (as low as 620 for primary residences, as low as 700 for second home or investment propertyIf you were in my situation, what type of home renovation loan would you use?
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16 March 2022 | 4 replies
How accessible is affordable but comprehensive health insurance for a family outside of the W-2 employer/employee setting??
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28 February 2023 | 10 replies
Top jobs are Health care, casino, education, grocery, manufacturing.Would you purchase this deal?
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10 January 2022 | 39 replies
Ultimately, I determine the health of a marketing campaign based on how many leads it's generating per day.
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26 July 2022 | 0 replies
I want to connect with others based initially on the common interest of real estate but also expand into topics such as health, spirituality, relationships, and anything else that interests others in their personal development.
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5 April 2017 | 37 replies
People respond to big fines, court summons, and police officers, everything else is just idle threats.
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18 October 2015 | 8 replies
I'm with @Jd Martin- the possibility of a lien threat would get them to pay up, so you'd probably never have to carry out the threat.
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30 March 2023 | 5 replies
Long story short, it was a pretty much a drug house, all tenants got vacated, the city came in and issued multiple health and safety violations along with citing multiple unpermitted items in the house that needed to be fixed.
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1 April 2023 | 11 replies
Consider factors such as your income, expenses, credit score, and overall financial health when deciding how much cash to invest upfront.In terms of the current market in 2023, it's important to keep an eye on interest rates, housing supply and demand, and overall economic trends that can impact real estate investing.