Posted by RR Smith on February 11, 2000 at 06:02:35:
Currently I am listening to an audio book about useless rules, regs, and “rights” that the feds and lawyers have generated. The FHAdmin. limit used to be 6 SFH, cause that was what my loan org. was brainwashed into thinking, and THEN my mentor went out and got 7! (Don’t ask me how, probably by using different loan programs…) When there are useless rules and regs and no one complains and you can’t point to any individual and say that they are responsible, that is how you get a tax code that is currently 36,000 pages long.
Who would you be hurting by abusing a fix up loan program? Maybe you would be crowding out a few first time homebuyers? I really, really doubt it, since they usually have special programs for first timers, i.e. bond money, special rates, etc.~~~~~~
If you are bumping up against loan program rehab rules I would strongly suggest you go to the people who make and break the rules all the time, namely the banks and mortgage underwriters and do your own deal with the bank for REOwned by the bank. Don’t worry about the limits of programs till you have 3-4 houses in your portfolio?.