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56560 : Real Estate Advice

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  • Home Buying3
  • Home Selling1
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Activity 6
Thu Jul 28, 2016
MCM_STL answered:
They can do anything spelled out in the agreement you signed when you agreed to participate in the HOA. It is not at all uncommon for an HOA to prohibit rentals because a renter has less incentive to take care of a property than an actual owner and thus pose a larger threat to the property value. It is essential before you buy into a community with a mandatory HOA that you make sure you know what you're agreeing to. ... more
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Thu Jul 28, 2016
csobelle asked:
Mon Apr 15, 2013
Russ Douville answered:
Generally I don't hear "carefully planning" and "contract for deed" in the same sentance these days. For a buyer I tend to think of contract for deed more as a last resort. Very few plans for long term successful home ownership include a contract for deed. If you're considering CFD, you must have cash for a down payment, often more cash than a lender would require. You must have the abilty to make a higher monthly payment than a lender would require because the rate on the CFD is going to be higher. So what would steer you toward a CFD? A low credit score? If you have cash on hand and the ability to make a higher payment, credit can be fixed. A bankruptcy or foreclosure that forces a waiting period before you're eligible for a mortgage? That seems unlikely from the details in your question, but it looks like you've been renting and in this economy some of those waiting periods are surprisingly short.

In MN I suggest you check out www.hocmn.org to find a home ownership counselor in your area, and have a detailed discussion of your housing plans with someone who isn't trying to sell you something.
... more
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Mon Apr 15, 2013
Russ Douville answered:
Your question has two parts and the answers are Yes, and Maybe.

Yes, the lender will consider a gift of equity from a family member as down payment.

Maybe, the lender will not require a cash down payment. If you are doing an FHA loan you will not be required to provide an additional cash down payment, but keep in mind that someone will need still need to pay closing costs. If you are doing a conventional loan and the down payment isn't at least 20% of the appraised value or sale price, you will need to provide a down payment of as much as 5% from your own funds. ... more
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Tue Jul 7, 2009
Dave Werth answered:
Thanks for the question Ken,

Give me a call and I can help you out!

Dave Werth
218-790-7653
davew@kvammerealestate.com
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