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Financing in Methuen : Real Estate Advice

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Activity 1
Tue Feb 28, 2012
Jim Simms answered:
FHA is not limited to a first time homebuyer if that is what you are asking. Owning a rental property does not necessarily keep you from getting an owner occupied FHA mortgage if you qualify for it. The second loan application will question the rental property income:

When using current leases to analyze rental income, the borrower can provide a current signed lease or other rental agreement for a property that was acquired since the last income tax filing, and is not shown on Schedule E. In order to calculate the rental income:

Reduce the gross amount by 25% (or the percentage developed by the jurisdictional HOC) for vacancies and maintenance Subtract PITI and any homeowner’s association dues, and Apply the resulting amount to income, if positive, or recurring debts, if negative.
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Financing in Methuen Zip Codes