That wouldn't do much. Having a large down payment is great. It makes any financing contingency very strong, but I would have a hard time advising someone to avoid having one at all unless they planned to pay 100% cash. The terms of the standard contract may prohibit this anyway, without putting your earnest money at risk.
A buyer doesn't get a "cash discount" as it's all cash to the seller. The stronger the financing terms are, the more secure the deal is anyway. A 50% or more down financed deal would be as good as cash to me if the buyer had a strong pre-approval letter.... more
If it works for you, do it! If you know you will save on HOA, taxes etc, I would worry about the resale when resale comes along, assuming you will be there long enough to enjoy simple living. There is a buyer for everything. It is the same with home updates, in my opinion. Do them for yourself and enjoy it!... more
Yes you can get an FHA Loan with your score. I was approved and my score was much lower than yours (595) have you tried The Lenders Network? They specialize in helping people with low credit scores find lenders. I highly recommend checking them out.... more
MyScreeningReport.com is a great resource for independent rental owners. There is no cost to use this service and report quality is excellent! Simply create your (FREE) account and invite applicants to apply - they pay the screening fee to MyScreeningReport.com directly.
You would have to submit a plot plan to the town with the location of the pool vs the house property line and fence. It is usually cheaper to buy a home with an existing pool since most people don't want pools.... more
Consider using a local REALTOR to find your rental as they have access to the real MLS for the rental market, as there are LOTS of scams out there in the internet world with these 3rd party web sites!... more
Yes Doctor/ Physician loans are still available! Hi, my name is Matt Albert (NMLS# 658999) and I am a Doctor/ Physician Loan Specialist with Citizens/ Charter One Home Loans. I have been specifically working with physicians for over 12 years. We cover licensed medical physicians, residents, interns and fellows, which include MDs (Medical Doctors), DOs (Doctors of Osteopathy) along with DMDs and DDS (including Dental Surgeons, Orthodontists and General Dentists). We provide financing of 95% up to $850,000, 89% to $1 million (**exceptions possible**) AND 89% to $1 million for one time close construction Doctor Loan, all with NO PMI! We offer our Doctor Program in the following states:
Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, Washington, D.C., West Virginia. **Additional States are possible on an exception basis.**
If I can be of any assistance please feel free to contact me for details as we are NOT allowed to share guidelines of the program in online forums.
Physician Loan Specialist
Mortgage Loan Officer
NMLSR # 658999
Citizens Charter One Home Loans
Phone - (336) 471-1825
Fax -(844) 574-2618