All Forum Posts by: Kimberly H.

https://livebaltimore.com/financial-incentives/details/healthy-neighborhoods-purchase-rehabilitation-loan/#.WcO8zU3fPmg

It's called healthy neighborhood program.  They have a list of target blocks you can purchase from.  I did my research on the best blocks and scouted those areas.  You have to occupy the property for one year and you can't refinance for 3 years.  

Thank you for responding.  I'm glad I have options. I'll ping you.

Why wouldn't I be eligible.  I plan to make the next purchase my primary residence.  My 1st property only required me to live there for 1 year.  That time has come and gone.  Please explain?

 Thanks a bunch! 

 Hello there!  Sorry it took me so long to answer.  Actually it was 3% down.  Below is the program that I used.  It took me about 8-9 months to find a property that was in a block that was quiet and diverse.  My husband is born and raised in Baltimore so he knows it block by block and all the different neighborhoods.

https://livebaltimore.com/financial-incentives/details/healthy-neighborhoods-purchase-rehabilitation-loan/#.WcO8zU3fPmg

I want to thank all the season veterans for helping me so much with my first RE investment purchase.  I purchased a duplex almost 2. 5 years ago and they are currently being rented out with great tenants.  Thanks to you guys drilling in screening, screening, screening... my 1st tenant is on her 2nd lease and the 2nd tenant is well on her way. No late payments (cross fingers and toes). 

Well, it's time to purchase another unit. I've paid off my credit cards that I used to renovate and my scores are back up where they need to be for a FHA loan w/203k. My first loan was a conventional loan with 3.5% down and no PMI. I used a city program to purchase the 1st duplex. Not I can use the FHA loan primary residence house hacking opportunity.

I need the best lender and 203K expert in Baltimore. My 1st experience was so difficult and I wasted a lot of money on crazy contractors, misguided laborers and just an entire host of mistakes. It was an experience I will never ever forget. I want a smooth transaction and with qualified contractors and a FHA/203K expert.

Do you recommend banks or mortgage companies.... any advice would be great.  Thanks for listening and I look forward to hear what you guys have to offer up.

(delete) Dumb question... I mentioned owner occupy.  I see you don't live in Philly!

Thanks guys for all the great advice.  I will definitely update you on my final decision. 

@Account Closed  Baltimore is strongly regulated. 

If I understand you correctly... prepay a year is to lower the purchase price by the amount the rent would be for a year?  That's genius! 

@Account Closed - Yes, I agree, but the sister feels bad and want time for them to get it together.  They can't afford more than $300 a month and are on waiting list for public housing.  This could be bad to evict people from a childhood home. 

Like I said, I currently own the duplex next door.  It rents for $1100 each apartment and I purchase it for $110,000 w/$20K  improvements.  She's asking half the price.