HappilyBlended

A Single Family Residence is different b/c of a few reasons ...
* You can pick your own HOI. Condo's usually have Home Owners Associations that pay the HOI that they collect from your monthly dues. While most subdivisions have HOA's those HOA's don't usually pay HOI.
* Also a condo usually has a shared wall, so its attached to aonther person's wall. Think about it, if your neighbor is cooking meth and his kitchen explodes, your wall is probably going to be affected or effected.
* When a developer builds a condo, or they convert apartments into condo's they have to get FHA and/or Fannie Mae approved to show that they meet their guidelines. Credit was so fast & easy a couple of years ago that many of the developers didn't take the time or pay the money to get approved. which is why condo financing is so difficult.

I agree with displaced horn, a Single Family Residence is alot easier to finance and usually a much better investment, it will appreciate faster and is MUCH easier to sell when you decide to later on.


1 more thing regarding the MI, FHA requires you to have MI for at least 5 years or until your LTV (Loan to Value) goes below 78%. So, if you get an FHA loan, then pay your principal down to 78% within the 1st few months/years you will STILL have MI, remember you will have it for AT LEAST 5 years.

Hope I was some help, Good luck.

To answer your question as best as I can... yes & no. The underwriter for the lender will use the lower end of the income and Rural Development will use the higher end that you are "trending" to. If you have any kids you can deduct child care from your income AND is your home has 5+ the income max goes to $97,100 and the income is based on ALL people who live in the house... so be careful.

RD is a REALLY good program, but it does have some "hoops" that you have to jump through... good luck

My Fico

That's the only place where you can PAY for a copy and get the actual scores that lenders use. Hope that helps

I hate to tell you this but your closing costs are going to be NUCH higher that $2,000 - $3,000 .... unless your mortgage is lower than $50,000

You need to look at the attorney costs, filing fees and you will also need to set up your escrow accounts, again.

How much is your MI each month? Multiply that by the number of months it will be before it falls off, that should tell you if it would be worth it.

Funny stuff

WHEW !!!!!!! Bend over on that one ... Nate is right, you would be getting taken advantage of.

In football I would have to say YA Tittle but there was a little guy named Shaquille O'Neal that went to LSU, he has done ok since he left. I'd have to say he is the longest tenured pro that I can think of

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Don't be so sure of where prices will go. My father bought 40 acres of good productive bottom land in 1933 for one barrel of flour

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He must have made a lot of bread.... sorry, couldn't resist

That's funny, did he really say that?

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It hurts to admit it but I feel like it is a bad matchup for us

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They aren't Hawaii. They will match us in physicality.

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Ain't gonna happen captain, UA may have an off game because of who they are playing, but they win in the end ...
UA 31
UU 12