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Home Buying in 02135 : Real Estate Advice

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  • Local Info2
  • Home Buying6
  • Home Selling1
  • Market Conditions1

Activity 6
Fri Sep 20, 2013
Anthony Piemonte answered:
Sorry that we cannot give legal advice here. What I can say is that follow the direction of your attorney, they know better than us what direction to take and what would protect you the most. I am sure your attorney will do a great job for you! ... more
0 votes 16 answers Share Flag
Sat Jun 1, 2013
Yes, as long as the property is a legal two family, The FHA minimum down payment of 3.5% still applies and yes they will consider the rental income of the second unit. Not sure if they wil consider the income of the farmhouse or the apartment. Underwriters usually have you occupting the "main" unit.

It sounds ike these two units are not attached. The appraiser will then need to find comprable sales to show that having two detached dwellings in one lot is acceptable for the area. If this becomes an issue and the two buildings are close enough, you might be able to use a FHA 203K loan to attach these units by building a common deck or breezeway or garage.

Good luck.
... more
0 votes 4 answers Share Flag
Wed Aug 15, 2012
Masha Senderovich answered:
Doesn't necessarily sound like an issue with your current attorney - could be on the side of the mortgage broker instead. Ask the mortgage broker for his/her opinion on what is happening before you switch attorneys. And a new attorney doesn't necessarily mean that you will get a better result and service... They're all busy, and the better the attorney, the busier they are. :( ... more
0 votes 4 answers Share Flag
Thu Apr 1, 2010
Sedruola Maruska answered:
Hi Walid,

Here are some answers to your question:

1) As a first time home buyer you are eligible to take advantage of the $8K Tax Credit
2) The first thing you want to do when starting your real estate search is get Pre-approved for a loan, then select an agent to help you in your search. If you do not know a financial professional that can help, select a real estate agent and they can suggest some names for you
3) The type of property you purchase depends on your needs and wants. That is something you'll need to discuss with your financial professional and your agent.
4) Mortgage options can be discussed with your financial professional depending on what type of property you want to purchase and for what purpose.
5) The tax credit can only be applied to a home that will be your primary residence for at least 3 years. If you plan on purchasing a multi-family in which you will occupy one of the units, you should be eligible for the tax credit. If you live in the unit for the three years and move out after that time, you will not need to re-pay the credit. However, if you do not plan to live in the property and use it only as an investment vehicle, you are not eligible for the tax credit.
6) To find a professional real estate agent to work with, ask your friends, family, co-workers etc. who they have used in the past and liked. Otherwise, do your research here online and interview a few people to see who you feel the most comfortable with.

I hope that helps with your question! Good luck in your search. You do have time to get in on the tax credit. You only have to have a signed contract by April 30, 2010, and you'll need to close by June 30, 2010.

Good luck!
... more
0 votes 9 answers Share Flag
Sun Jan 17, 2010
Lew Corcoran answered:
After one year, you can move and rent out the unit you plan on living in without refinancing. However, unless you meet one of the exceptions, you will not be able to get another FHA mortgage unless you pay the first one off. ... more
2 votes 1 answer Share Flag
Tue Mar 11, 2008 answered:
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