All Forum Posts by: Account Closed

@Cara Lonsdale understood

Thank you for the clarity

I was ONLY thinking about the FHA obligation…. Didn't even consider what you just said regarding section 8….

He wouldn’t have been renting a “room” though (if that matters) it would’ve been his place and him allowing me to stay there when I’m home (I’m a truck driver)

I’m looking at Condos in my area in the $250k range, pulling $22.5k out of the 401k to buy, but was considering (if possible) a hard money lender for the other $40k (for 24 months) to avoid pmi (which is $270)

My Questions are:

Are there hard money lenders to stay away from?

How is it paid back?

Is 24 months even doable (and/or wise) for the amount I need (I see only 12 months advertised)

Is this scenario doable?

Get FHA loan on 2bd/1 bath condo, rent to coworker who's on section 8, coworker allows me to stay there.

Wouldn't the Occupancy requirement be met since I’m living there? All utilities would be under my name.

In all likelihood I’d move out in 4 years