All Forum Posts by: Chris Igard

I’ve heard on multiple podcasts about the 203k loan that you’re able to either defer or roll the payments into your mortgage while the work was being completed for up to 6 months to prevent people from having to pay rent at two different locations. They never specify whether it’s the 203k limited or the regular 203k. I’m hoping someone knows and can direct me to where it’s at in writing. Thanks.

I've been listening to quite a few Pod casts and I heard that you can wrap an FHA 203k into your mortgage for up to 6 months to prevent paying 2 house payments while you fix up the new home. Is this for the limited 203k and regular 203k? Thanks in advance.

Is it possible to just reset the deal? The title is in their name. By reset I mean give them their money back create a rental agreement and allow them to walk?

I have a home in Dallas with a wrap attached to it. The buyers have been in the home for 2.5 years now. They have made 2 attempts to get financing but have not been able to do so. The home sold for 400k then but is worth about 650k now.  Can someone tell me in layman’s terms what all my options are? I have 40 days.  Thank you. 

I’m in year 2 of my seller financed home it has a 5 year note with a balloon. The owner wants to refinance the rate. My attorney is out until monday. Are they responsible for the balloon or the current mortgage amount? I’d like to offer to buy the home back from them and give the down payment back.

@Bill Brandt I’m probably going to on to it for a bit. It’s lake front property, as for the other thing with the pool. What are your thoughts?

I have two scenarios I’d love some advice on.

1. I have a home I purchased 14 months ago for 475k. Someone made an offer I could not refuse for $725k. I owe 225k on the property. We close in 17 days. I was curious if could do a cash out refi for $500k and reduce the capital gains that I’m on the hook for. Is that doable? I heard this is possible on a radio show.

2. I have another home that we owe $235 on. 29 years @ 3.15 interest it’s would sell for $450-500k. I was thinking of doing a cash out refi on this place because I also have a pool loan for $48k @ 11 years with 7.8 percentage. The house is a monthly cost of $1700 and the pool is $550. I’m hoping to reduce the amount down from $2200 to $2300 a month to $2k per month if possible. Thanks for all the information.

@Jay Hinrichs I want to make sure I’m on the same page. The home is at 350k if they put 25 percent down we should do a 3 year note at 7 percent with a balloon payment? Thanks

@Russell Brazil they put 30 percent down.

An offer was made on our property back in February, it was scheduled to close on the 25th of March. It was pushed back because the buyer needed a co-signer. It looks like it’ll fall through because as I’m told the government isn’t available to finance sub prime loans at the moment and there aren’t any private investors available. We should hear something today or tomorrow morning, I’m thinking we should owner finance it if it falls through. 25 percent down at a 7 percent interest rate. Anyone have any experience with this sort of thing? Anyone out there that can poke holes in this plan? We are looking Into purchasing a new home and this would put a halt to it. Thanks