How to Do this F.H.A pls assist.. - Posted by Thomas

Posted by Nate on January 25, 2001 at 12:09:04:

The zero-down loans are not FHA. FHA requires 3% down. I don’t know why you have an “FHA advisor”. A “mortgage broker” would be better. :slight_smile:


How to Do this F.H.A pls assist… - Posted by Thomas

Posted by Thomas on January 24, 2001 at 22:03:28:

I have found a triplex that the owner has been trying to sell for 2 years now.

AskingPrice: 139,000

Rents Are:
1 bd 1 ba 575
2 bd 1 ba 650
2 bd 1 ba 675

Taxes: 1,323, and county 1,389

We want to use FHA and the owner is flexible on terms big time he says but the price is solid.

We will occupy the $650 rented one that has the owners daughter in it who he said he would move out if that were part of the deal.

He is willing to finance but i’m not sure how to approach with what we have available and what is needed by FHA junk…

FHA requires 3% to go in from us at close plus 3 more monthly payments must be in our bank account to cover for possibilities…

We have 2500 cash ONLY, if we can’t do FHA then let me know another few options…

Thanks a ton, oh all appliances stay, 3 park pads last years grosss sched income was 22,200 he said…


Re: How to Do this F.H.A pls assist… - Posted by Nate

Posted by Nate on January 25, 2001 at 08:24:33:

If you have a decent mortgage broker and decent credit, you can get a 0% down loan on an OWNER OCCUPIED property (which this would be – you are going to live in one of the three units) with no problem.


Re: Why FHA? - Posted by Bob (Md)

Posted by Bob (Md) on January 24, 2001 at 23:44:08:

I’m working on a similar deal right now. I’m working through a local bank that will do non-owner occupied loans. I asked the owner to pay most of the closing costs, but added them onto his asking price. I’m getting a 70% LTV loan with the bank, and having the owner carry back a 30% second. I set the closing for the 5th - after rent is collected on the 3 units. That rent goes to me, and is enough to cover my downpayment and all the out-of-pocket expenses like appraisal and inspection. It may not be exactly zero down, but it’ll work out to be less than $200 of my money in the deal. You might want to try the same thing. Even if you had to give the owner 10% interest and do a hard-money first at 13%, the total principal + interest would be around $1500 or so. You can probably do a lot better in today’s environment if you have decent credit. The income from the other two apartments would be $1250/month.

My FHA advisor filling me full of it? - Posted by Thomas

Posted by Thomas on January 25, 2001 at 09:37:15:

My FHA advisor hasnt said anything about this type of deal… Should I look elsewhere for another?
Or are you nbot even talking about an FHA loan?