Now there could always be some state laws around it, and I would recommend consulting with a QUALIFIED attorney in your state that specializes in real estate.

Generally speaking, you will need a mid FICO of 620 (circumstantial exceptions made) for to qualify for the My Community program; other issues to be mindful of:- Owner Occupied transactions only- Borrower can not own any other propertiesNeed a 660 mid FICO/Full DOC/50 DTI to go 100% for NOO properties (100% with SIVA needs a mid FICO of 720).

"We are working to ensure that every qualifying FHA borrower is afforded the opportunity to explore all options to keep their homes," said HUD Secretary Alphonso Jackson.

You have, if memory serves me, 45 days after the sale of your home to designate up to 3 potential properties you will buy, and the purchase must be completed within 180 days of the initial sale of your home.Another option, if you are a qualified investor, is to do a 1031 Tenancy In Common (TIC) exchange.

purchases are $5-10K a house with price (rehab and purch costs) around 10-15K After we rehab them, we want to sell on land contracts for a contract value of 35-45K couple questions: 1. can this transaction qualify for tax credit 2. what should I be concerned with IF tenant flakes on contract, and I sell the cashflow to note type buyer?

Generally when I see mortgage brokers putting someone into an IO loan it's to get them A BIGGER MORTGAGE than they otherwise would qualify for.For example; on a $100,000 mortgage, 30 year, 7%, an IO payment is $583/month, an amortizing loan would be $665, an increase of 14%.

However, we are also swamped with "wanna be investors" who waste our time, who are not qualified to buy and want to make offers for .50 on the dollar.

Questions for those more experienced.In the beginning stages of locating and securing property for investment purposes, confusion may arise as to what steps should be taken and in what order.My thoughts are that you should make every attempt to get pre-qualified by a lender, prior to even locating a property for investment.

You need 12 months PITI to qualify...foreign nationals need 36 months PITI but can get done!

Also Antonio, reading your comments about your job and income....I think it would be very wise to make sure you could even qualify for this property assuming your scores were ready.