first purchase - Posted by ccamerock

Posted by chris on March 07, 2000 at 17:58:56:

Thanks for the quick reply. NO it will be strictly investment. A duplex, both units rented, with long term renters. Asking 115, I believe he will actually be happy to break even… still owes 98. My broker friend believes the owner refinanced and is now in financial trouble…Appraised at 120. Any help will be greatly appreciated. It also has a positive cash flow of 150/mth.

first purchase - Posted by ccamerock

Posted by ccamerock on March 07, 2000 at 15:25:36:

I am about to make my first purchase and have a few questions, I’m not too sure of. First do they do a full credit check and income check to assume an FHA mortgage or can the owner sell to anyone? Second… Will a mortgage broker take out a second small mortgage, which would enable us to walk with cash and give the seller his cash without using our own? A quick response would be greatly apppreciated I’d like to present an offer tonight or early in the morning…

Re: first purchase - Posted by TC

Posted by TC on March 07, 2000 at 20:34:07:

I can help you out on your first question but not the second.A FHA that originated prior to 1987 is usually a nonqualifing.If it originated after 1986 then you will probably have to qualify by the credit and income verification.

more details, please - Posted by Russ Sims

Posted by Russ Sims on March 07, 2000 at 15:38:52:

Can you tell us if you plan on being owner occupied, what the market value is, the amount to be assumed, and the asking price. Thanks