Basically I just found that I hav not been deducting all of my interest from my Mortgage, I have a first and second mortgage. I have all my paperwork regarding.
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I Want To Know If I Should Amend A Past Tax Return For …
Posts Tagged ‘original mortgage’
I Would Like To Know If I Should Amend A Past Tax Return For …
Sunday, December 20th, 2009I Have An Fha Fixed Loan. Bac Sent Me A Letter To Say My Loan Has …
Sunday, December 20th, 2009My original mortgage company, Taylor Bean just shut down. I have not even made a payment to BAC yet who supposedly has my loan.
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I Have An Fha Fixed Loan. Bac Sent Me A Letter To Say My Loan Has …
Possible to buy a house if I had a foreclosure a few years ago?
Friday, September 25th, 2009I had a foreclosure in January 2007 and I want to buy another house. They have told me that FHA loans require 3 years from that date, so 01/2010 but I’m wandering if its possible to get it before then. I can place down 10-20% down payment and have a excellent employment history.
Tags: 3 years, democratic fundraiser, employment history, FHA Foreclosure, fha home loans, FHA Loans, fha streamline refinance program, foreclosure, foreclosure data, foreclosure homes, how to avoid foreclosure, how to stop foreclosure, hr employees, loan market, mortgage corp, mortgage rates, original mortgage, right job, security clearance status, software testing, taylor bean, temporary agencies, writing a resumeShared Appreciation Note vs. FHA Mortgage?
Monday, June 8th, 2009I am currently in the process of getting a mortgage. I need advice on the benefits and disadvantages of the following two mortgage types.
Standard FHA loan – using this loan, my pre-qualified amount will only allow me to buy a not so nice home in a less than stellar area. But, any and all appreciation in the home will be mine.
Shared Appreciation Second Mortgage – using this City funded program, the City will pay up to 60,000 over my FHA approval amount to get me into a nicer home in a excellent area. Using this option my down payment is minimal.
But, the Shared Appreciation Note has a catch. When I sell or refinance the home the City loan becomes payable, as well as 20% of any appreciation the home has gained.
So at this point I can either pay more upfront to get into the cheaper home, or I can pay more down the line using the City program to get into a much nicer home.
Any thoughts or suggestions?
The Shared Note has no time line. There is no minimum time one must remain in the home, and the second mortgage matures at the same rate as the first. In addition, should I do any work on the home, the cost of the work and the an appraisal value the added worth it gives the home will be taken out of the home appreciation prior to the City program factoring their 20%.
For example: if I buy a home for 150, using 20k from the City program, & after putting 10k worth of work into the kitchen, the home appraises for an addition 30k at 180k. If when I sell the home it goes for 250K, the home would have appreciated 70k since the original mortgage. Out of that, 30k is due to wortk I place in and as such is mine. From the remaining 40k, the City program would get its initial 20k back plus the 20% = Total of ,000.
Tags: 20k, 30k, appraisal value, appreciation note, city loan, fha loan, FHA Mortgage, getting a mortgage, home appreciation, minimum time, mortgage types, original mortgage, second mortgage, time lineSearch :
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