Effective for all FHA case numbers assigned on and after September 19th 2008 to further notice. A Borrower cannot use rental income to offset the payment on their departure residence without very specific and narrow exceptions. The old guidelines when someone wanted to rent their current residence out to buy a new home, FHA guidelines permitted the Rental Income being used to offset the mortgage payment used in Debt-to-Income ratios. FHA has released the mortgagee letter nationwide found here HUD LETTER This is due from the simple fact that many homeowners have been found guilty of the "Buy and … (11 comments)
rent: Refinance Cashout on your Rental? Use this Free Tool to Decide (Rentometer.com)
- 05/12/08 01:39 PM
Need to tap into your Rental property? Investment Properties are hotter than ever with all the current Short Sales anf Foreclosures going in the market. So now that you captured a rental property and are utilizing a stable rental income for quite some time now, it has come to attention than an unxepected financial need arises and have to decide if tapping into your investment property is worthwhile. Analyzing your Rental income, Mortgage and Rental Lease There's 3 main factors come into play with your Rental are as follows Rental Mortgage: - Does your investment property have a mortgage tied to … (3 comments)
rent: Balance and Zen in Homeownership
- 05/04/08 05:14 PM
Zen in Homeownership Becoming a homeowner is the the biggest American Dream there is. Homeownership has great benefits. Homeownership also comes with certain responsibilities.We are in a time that people became too hasty and rushed in the home buyers market without thinking ahead of the percussions. Yes it was great that there were more new homeowners in the past couple years than ever before but now that the dust has settled the numbers doubled to people losing their homes ever than before.Just because rates are hot, the loan programs made it so that anybody with a decent Fico can qualify or even … (11 comments)
rent: So Your Renting Again | It's Not The End Of The World
- 04/23/08 01:47 PM
Un-Forseen events causing more renters recently With the increase in foreclosures and more homeowners that can't afford to stay in their current homes due to financial hardship, job loss or mortgage payments. People are resorting to renting once again or even staying with family and friends while they try to get back on their feet.
It's not the end of the world So you find yourself back at square one either renting or staying at a family/friends house. It's ok, it's not the end of the world. Michael Jordan once said "If you're trying to achieve, there will be roadblocks. I've had them; … (7 comments)
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