If you take lots of deductions you are saying that this income isn't income and should not be taxed. There is nothing wrong with taking honest deductions, but you cannot then come back and expect it to be treated as income. It's either taxable income or it isn't.... more
If you use the Seth program or Bond 79 depending on your income level you likely will qualify for 100% loan to value and with the right negotiating by your Realtor be close to or at $0 out of pocket.... more
Great question. Yes, you can roll in closing costs with a lender credit. What this is exactly is when you select a slightly higher interest rate on the loan and the lender pays you a credit that goes to your closing costs. This is very helpful in minimizing your out of pocket expenses.
Another option is to ask the seller to pay a portion of your closing costs. You do this when you submit an offer and write it into the contract. This can be helpful as well and you can use one or both of these options to help reduce your out of pocket expenses to just your required down payment.
If you would like to go over how these options work please feel free to call or email me anytime to discuss. I am also a mortgage broker and lend throughout the state of Texas and I broker with all of the top wholesale lenders in the country and offer much lower fees and better interest rates than any retail lender on the market.
Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org
websites: www.AustinListed.com | www.360LendingGroup.com... more
The lender you choose isn't the only factor in the process. You also need an agent that has the contacts with the lenders and that can point you in the right direction. It is easy to spin your wheels and get nowhere when you credit score is lacking. I can help you with your search for a home in an area where USDA loans are popular with no money down as well. Contact me. My phone number is 512-657-8827 and my email address is email@example.com.... more
Yes you can. There are many lenders (including my bank) that allows you to use your paid off lot as a down payment. We give a construction loan that is changed to a regular mortgage after the CofO is in place.... more