Comments on: FHA Buy And Bail Guideline Update: January 24, 2011

By: Questions regarding Foreclosure in Georgia...

Questions regarding Foreclosure in Georgia... — Fri, 07 Oct 2011 17:49:20 +0000

[…] could be a tad simpler since they make their own rules. Here is a link to FHA guidelines: FHA Buy And Bail Guideline Update: January 24, 20100 | fhamortgagesdoneright.com By the way, don't get me wrong. If buy and bail can work for you, examine it closely. Strategic […]

By: started renting my house; how long is my mortgage considered debt - Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

Fri, 23 Sep 2011 13:07:42 +0000

[…] Originally Posted by raindog1976 I own a house in North Carolina that I started renting in May of this year. I'm looking to buy a house in Atlanta now, but my mortgage in NC is still considered as debt, which greatly affects my loan amount. When will the money I get from my rental property be considered as "income" and my mortgage no longer "debt"? After I file it as income on my taxes? Or does it have to rent for a specific period of time first? Thanks. Hi Raindog1976, I know it sounds cliche but it depends on a couple of different things. 1) What type of loan do you want/need? Conventional, FHA, VA, USDA? 2) The type of loan you have on your existing property. 3) Which loan do you qualify for. Each program has different requirements. For example: FHA doesn't require you to show the rental income on your tax returns in order to count it as income to offset the existing mortgage payment if you relocated for your employer or to find work or if you have at least 25% equity in the home you're converting to a rental. A conventional loan requirements state you have to have 30% equity in the home you vacated, a lease agreement and the receipt of a security deposit from the tenant and deposit into your account. The guidelines in both examples DO NOT require a specific amount of time for reporting the rental income on your tax returns before it can be counted as income. You're either dealing with people that don't know their guidelines or the have "overlays" that are more restrictive. You can see the conventional guidelines HERE on page 6 And the FHA guidelines HERE […]

By: oem software

oem software — Wed, 23 Feb 2011 14:30:44 +0000

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By: Rapid Gigabitz

Rapid Gigabitz — Fri, 11 Feb 2011 21:44:21 +0000

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By: Rapid Gigabitz

Rapid Gigabitz — Sun, 06 Feb 2011 08:47:55 +0000

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