DO NOT PUT $3K ON YOUR HUD, you will waste time & it will be rejected.
Do not offer any less than 10% if this was a "purchase money HELOC option" where none of the HELOC money was ever cashed.
Prepare your client, if they did cash in on the Full HELOC funds that the 2nd lien will want 20-30% of the balance to release them of the lien as paid in full. You can still get 10% from the 1st lien holder & tell the buyer up front about this because they'll likely need to also donate.
If HELOC funds went solely towards upgrading the property & your client has proof with receipts, the HELOC 2nd lien may accept less than 30%.
Email me directly if you'd like some more tips. I don't look back on this same trulia posting for answers after mine.
Realtor Since 1996
Main Street Realtors
Short Sale Expert... more
I handle buyers with these type of loans and can recommend Steve Roswell 323-841-8422.
JoannSweiven | Post and Beam Real Estate
p 323 518 5534... more
Great question. From what I understand you can purchase an income property with 3.5% down with an FHA loan. The first step is to get pre-approved for your purchase. I'd be happy to give you recommendations but what you qualify for will be based on your income and also what the income of the properties is. If you need some lender recommendations let me know and then we can find you a property that is best suited for you.
The Carrabba Group
(323) 899-2900... more
I'm afraid the question is too general. You need to determine what comparable properties have sold for in the last 3 months or so within a 1-mile radius of the property. That will give you a good feel for what the market value might be. It would also help to know what the current owner owes on the property.... more
At this point the big money programs, Shared Appreciation (MOD), are cancelled. They have little programs and credits still available.
Here is the link.