All Forum Posts by: Breelon Bryant

Quick overview-

Asking price: $164,900

Property taxes: $3440/annual Or 286/mo

Insurance: $500/mo (from FHA home insurance + mortgage insurance)

Rent: $550

No flood zone, good roof, good foundation, central heat/ac

THESE SHEETS KIND OF CONFUSE ME SO can someone help based off of this information?

@Kevin Romines thank you for the link. It really helped. I swore i read a few days ago about a 3% down payment for primary residence 1st time homebuyer. Maybe i misread

@Kevin Romines @Jaysen Medhurst also i meant fannie may HML

@Kevin Romines @Jaysen Medhurst i appreciate the feedback. Tell me if i am missing something though fellas. I read that for first time homebuyers that i could get 3% down with fannie may with no added loan fees and once 20% equity is in the property i could get the mortgage insurance removed. Is this true? Because if so i think wrapping the renovations in the fannie may loan may be better. What have you guys heard or know?

Here is the situation: I have a 650+ credit score, 10k saved in bank, looking to buy either a duplex for 100k or another duplex for 150k. I will be buying my first home ever as a primary residence along with “house hacking”. Of course i will do some small renovations if i can close on one of these duplex but nothing major like a roof or foundation. My question is which loan would be the smarter choice? Fannie may or 203k?

Question: I have credit of 650+, approx $10k in bank, first time homebuyer and looking to "house hack" a duplex that possibly may need mild renovations no more than $15,000. As far as financing, i cannot decide which loan will work better for my situation to finance a duplex between $100k-150k. FHA 203k or Fannie May? Any opinions?

@Dmitriy Fomichenko thank you. I will definitely use this info

@Clarence Harris you scored big time in the Belhaven area. That area is a great place to live here in jackson. Congrats! Im looking at a property myself and I am going to use FHA to finance it if everything goes well (because i live here). However i am interested to know how you used creative financing for your deal

@Susan Maneck ok because I was wondering. I have lived here for 29 years (All my life lol) and I know the area like the back of my hand. I figured that was the case

I am looking at a deal and need to make sure the property is NOT overvalued