All Forum Posts by: Sooyeon Kwon

Thanks so much for your input!!! 

Hello,

i am first time home buyer so if I sound too ignorant, please dont mind me. So, whats the definition of primary residence? Is there a certain amount of time I need to live there for the loan purposes? Im curious because Im in the process of putting in offers for some homes that I like but my lease isnt up for my condo Im renting now. So in case I get penalized for early termination, Im considering to rent out the house I end up purchasing for about half a year until im ready to move in. 
so from the lender’s point of view, would they consider it as an investment property? Or if I just change my address to the new home and ask the tenants to give my mails from time to time, would that be ok? 
So what measure do the lenders take to check if the house Im purchasing is my primary residence or not?

Hello, a friend of mine just mentioned something about the government trying to give 25K for a first time home buyer. Is that true? Or are they trying to get that past? If so how soon do you think it will be implement it? I just got preapproved for my first potential home at the rate of 2.75%. I am trying to redeem my IRA funds to put my down payment. Some say that I won't get penalized for using IRA (simple and roth) funds for downpayment if it's a first time buying a residential home. Others say that I will still get penalized. What is the verdict?

Wow! That clarifies my vague understanding so much!!! Thank you for explaining!!

@Jeremy Derasmo, thank you for your input! So just to be clear, the less remaining mortgage (and thus more equity), the better amount and/or APR I get?

Hello,

Im a newbie in RI. Im still renting but considering purchasing my first home or a multifamily for rental. My question is re: HELOC.
so the percentage of HELOC is generally 80% of the equity on your property if Im understanding correctly. 

So if the value of the property decreases, does that affect the total amount of HELOC as opposed to the amount I would have gotten at a higher purchase price?

Say I bought a property for 80K with 20% down. Then within the year , assuming that the price stays at 80K, if I were to take out HELOC, how much would I get versus if the property value goes down to 70K.

Please guide me on this novice’s RI journey. 
thank you! 

Hello,

i live in OC and am looking into purchasing a property to househeck, specifically by building a small separate unit in the backyard. In terms or regulations for doing so, do I need to check with HOA? Or the city? What are some things that I need to look out for when trying to househeck?
also, how much should I look into if I were to build a studio with a small kitchen and bathroom in the unit?

Any suggestion/feedback would be appreciated. 

Hello,

I am totally new to RI. I set up my S corp less than two years ago, hence, only one year worth of corporate tax return is available. Prior to incorporating, I was on 1099 for about 2-3 years. My income increased gradually over the years, and this year will also show some increase (not dramatically). With one year worth of corporate tax return and 1099 tax returns from the year prior, I attempted to get conventional loans from banks this summer, but they were giving me such a hard time with the required documents as a employed person. 

My questions are 

1) should I wait until I have two year worth of corporate tax returns especially now that my income will be more than what it used  to be (it will be about 20K-30K difference from the previous year)? in other words, should I wait until I file my corporate taxes next year? 

2) Any recommendations for lenders that work well with self-employed home buyers? 

Any feedback/recommendations would be appreciated! 

Hello,

I am totally new to RI. I set up my S corp less than two years ago, hence, only one year worth of corporate tax return is available. Prior to incorporating, I was on 1099 for about 2-3 years. My income increased gradually over the years, and this year will also show some increase (not dramatically). With one year worth of corporate tax return and 1099 tax returns from the year prior, I attempted to get conventional loans from banks this summer, but they were giving me such a hard time with the required documents as a employed person. 

My questions are 

1) should I wait until I have two year worth of corporate tax returns especially now that my income will be more than what it used  to be (it will be about 20K-30K difference from the previous year)? in other words, should I wait until I file my corporate taxes next year? 

2) Any recommendations for lenders that work well with self-employed home buyers? 

Any feedback/recommendations would be appreciated!