All Forum Posts by: Michael Cohen

LTV certainly is one of the factors to your interest rate, but the difference between 20% and 25% should be nominal. Shouldn't really even be 1/8 lower.

There is a 3-year seasoning period for FHA loans after the actual discharge date of a bankruptcy. So, unfortunately, you wouldn't be qualified for another 3 years. Conventional loans are 4 years.

Yes, FHA loans can be used to purchase condos, IF the condo if FHA-approved. You can find the list of approved condos here .

Yeah, just says you can't deduct the interest. not the end of the world. you'll make more in rent than you'll lose out on not having that deduction.

@Mike Day - I completely agree with @Neil Goradia - you don't want to do a portfolio loan covering multiple properties because when you go to sell one of them, you have to untangle the entire thing and start over. Many national lenders will go up to 10 financed properties.

@Michael M. - You can obtain an FHA loan if you own another property. However, the big caveat is that you cannot use the rental income from the vacating income as qualifying income unless the vacating property is 100 miles away or more. Meaning your income would have to cover both notes.

Contingency could be 15% if there are significant issues, or the utilities are not turned on.