Yes you can purchase with just the 3.5%. Even if you cannot negotiate the seller credit, your lender should be able to give you a large credit to offset closing costs in exchange for a slightly higher rate. Since FHA pays large premiums (credits to the borrower) this should easily be accomplished.... more
If you have a strong track record of flipping houses an investor possibly would be interested in your proposal. You need to have a renovation team, a look at trends in the location you're proposing to purchase, and a good game plan. Typically commercial real estate agents and commercial property owners are your quickest source.
Your property can't be in a cluster of foreclosures. The real estate pundits contend the housing market is not going to "spring back": they're calling it a "bathtub" market, meaning that the housing prices may have hit bottom, however they're going to stay there for several YEARS.
Some options are finding a house in an area that has a high rental absorption rate so you can get a healthy tax shelter as an investment property or find a house you wish to live in for several years before selling. To make $100,000 after investing, you need to purchase a house in the North Shores of Long Island or in the higher end waterfront areas.
I am a Buyers Agent in Dix Hills - I have worked with buyers in Massapequa Park. I recommend that you take a look at Listingbook. This will help you navigate the market at your convience and it will give you up to the date information on properties you are interested in. My buyers love it because they search for what they like and correspond with me through e-mail. I am able to assist you during your search by accessing your "favorite list" - it is an amazing site to help you with your search. When I schedule a showing for you to view the homes you have selected you are represented by me as a Buyers Agent - I work for you. Here is the Listingbook Site - www.tinalouise.listingbook.com - Please don't hesitate to call (516)429-3488 or e-mail email@example.com me with any questions you may have.
Tina L. Vespoli
Prudential Douglas Elliman... more
I know that the others were turned down for a variety of reasons. I believe someone lied on their application and the other had young adult children in the picture. I was told I should not have a problem. This board tends to like people of my age in in my profession (I'm a teacher)... more