All Forum Posts by: Gary Wong

Personally, I would have $3000 to $5000 save up but have credit reserve up to $10k. Just a new credit card with 0% interest for 18 months should give me a peace of mind if anything big happens.

@Lilia Andrew There is not a income requirement. Do you already own a property with FHA loan?

@Lilia Andrew Did the lender tell you that you don't qualify and did he or she said why?

One person is only allow one FHA loan at a time. The property has to pass appraisal process.

FHA only require 3.5% down with the requirement of purchasing it as a intend to use the property as primary residence. Feel free to contact me for lender recommendations. PMI will applied for at least 5 years or 78% LTV ratio. Let me know if you need help finding a duplex.

Awesome. I should be there too. 

I agreed. Dallas seems to fit your criteria perfectly. What kind of reservation do you have?

I personally like to use credit card's 0% interest for 18 months transfer. It's normally a 3% fee. Or a Personal Line of Credit might work too.

FHA loan only require the property to be owner occupied. As long as you have the intend to live there as a primary residence, you can use FHA loan to rent your rooms out. As far as turning it into a rental property, there is few restriction but it can be done.

Here is some more info I found. 

http://homeguides.sfgate.com/can-rent-out-home-fha-mortgage-53959.html

The development would usually drive the market price up. However, I personally don't really like Hoa property as a rental property due to the strict guidelines and possible "special assessment". Let me know if I can help you do a CMA if you want to sell.