There really is no financing available in the country. The builder is offering financing but would require putting at least $60K on a step up plan down over the next 6 months then 9% interest payments on 50% of the purchasing price. I don’t have that kind of cash on hand.
The entire property amount is only 200K and I can put down 20%. Any thoughts would be great.
Thanks
winmar
If you purchase a home with an FHA loan (and you still owe on that loan) can you use it as an investment property? Furthermore, can you purchase other properties when you have an FHA loan? Can you live in another property other than the home you purchased with the FHA loan? What are the restrictions?
I am buying a rental property for $50K. I will put 10K down so I need to borrow $40K
I have 2 offers that will determine whether I will apply the mortgage interest on my schedule E for rental property or as an itemized deduction on my 1040.
Home equity loan against my primary house at 6.09% with $300 loan processing fee. 15 year note – 1st years interest payment will be $2452 – I think this interest would be an itemized deduction.
Mortgage for the investment property at 6.25% with 1 3/8 points. Total fee is $2100 including points. 15 year note – Ist years interest payment will be $2492 I think this would be an expense on my schedule E.
I am at a 28% tax bracket and have no other mortgage on my primary house.
To further complicate the picture I have $34000 in student loan debt and could roll this into my home equity loan.
What would be best for my taxes? Take the home equity loan or a mortgage on the new property? Should I roll my student loans into the home equity loan?
I’ve been approved for a 1st mortgage at a fixed rate of 7.38 and a 2n mortgage interest only at 10.425. This loan is for an investment property. I’ve been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You.
I am working overseas, I want to buy a house in Texas. Can I consider it to be a 2nd home and ask the mortgage company to give me interest as second home instead of calling it “investment property” ?
The interest rates and taxes for 2nd home is less than investment property.
It will be rented out till we come back to Texas.
also I don’t work but my spouse does and I have the better score between us. I would like to buy a 27,000 house with value of 103,222 and rehab it.
I am a RE investor in training. And I just got a property that I am suppose to live in as my principal home. I will rent out the rest of the rooms to generate cash flow. However I want to buy another property to generate more cash flow. But I want to get a low loan rate if possible. Is it possible to get a second loan without having to get an investment loan with high interest?
I had a couple people tell me that in about 5-6 months I can write a letter to my lender and tell them that I dont like to live there anymore for any reason, ie hate the location, don’t like the neighbors, etc. and that I want to buy a second home and live in there. That way I can go out and get me another loan for a low rate and have that as my new principal property, while keeping the first home to rent out for cash flow. These guys already has 6 homes and tells me that is how they has been doing it. Is this legal?
My hubby and I are looking into buying our first home/investment property. It is a duplex 2/2/1 on both sides. I am still a student so I dont have any income other than fin aid and loans. He makes about 45 K a year. I do graduate in december of this year, so once I do graduate we should be doing well. It is on the market for 140K, hubby was military, so has a certificate for a VA loan. My credit is good, 660 and hubby’s not so good at 590. Wondering if anyone could give me any advice. Is this something we should even be looking into right now since I dont have an income yet. I mean we do rent so we would be paying the same with the exception of the income of the rental unit. We have about 5 K saved so that would help if we came into a crunch. We were also hoping to get 100% financing. Any info would be great!!
Start Rate
also I don’t work but my spouse does and I have the better score between us. I would like to buy a 27,000 house with value of 103,222 and rehab it.
In other words, will the bank ever go after the equity on my other property or my salary once I get a job and steady income?
