Question by noelle: I want to buy my DREAM house (its a short sale) and in a different state. Any recommendations?
I am renting in Hawaii and my job requires me to stay here for at least another year or two. My family and friends live in Florida, which is where I want to move. I found my DREAM home, but its a short sale. How can I buy this home without getting ripped off? Is the list price already at the discounted short sale price? Also, I have a chunk of money for a down payment, but not 25% which is what the bank is asking for an “investment property”. Any ideas, information, or noteworthy books that you can recommend? THANKS :0)

Best answer:

Answer by Landlord
You’ll need to come up with the cash are dream some more.

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Question by greengo: Should I sell this house and invest the money? What should I do help?
My father in law has dementia and he needs nursing home care. I need an extra $ 2,500 dollars per month (over and above all of his pension money) to take care of him. I am figuring he will live another 20 years (he is young but demented).
He has a house where he used to live before we put him in the home. He paid less than 50 thousand for it many years ago, it is now worth around $ 300,000 because it is in what is now a really good location. If I sell it now there will be no capital gains tax, because you get a 2 year grace period once you move out of the house before it gets considered “investment property.” So assuming we sell the house and we get maybe $ 275,000 out of it, is there a way to invest it where the money will give interest anywhere close to $ 2,000 per month? Or should we just put it in CDs and cash them out every year? I do not know how to invest money, and I want to plan it so the house money will last. If I need an extra 25 thousand to take care of him every year, this will only last for 11 years and then what will we do? I am very afraid we will run out of the money and we can’t take care of him any more.
Another option is to rent the house, we would net about $ 1,000 a month on it and then would only need to raise $ 1,500 per month. But then if we sell it later, will be taxed heavily as a capital gain.

Best answer:

Answer by Karin
try this site (i’ve used it): http://topfin3.notlong.com/0AAHswt

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Question by Butkus: Can my daughter claim a house as her primary residence on loan papers if my wife and I are co-borrowers?
My wife and I have our own house. In the same town my wife and I own a rental house that my daughter lives in, by herself, 100% of the time. She pays rent to my wife and I. My wife and I want to refinance the rental house and add my daughter to the title at the same time. My wife and I, in addition to my daughter, would be co-borrowers on the loan papers, although for all practical purposes, my daughter will do nothing to help us qualify for the loan. If my daughter is a co-borrower on the loan docs, and she is on the title with my wife and I, can the three of us ask the bank to fund this motgage as a “primary residence” and not “investment property”? This would give us a better interest rate.

Best answer:

Answer by Claire
I think you can.

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Question by marylou: My mom is buying me a house since my hubby and I don’t qualify. Just a few questions…?
I have the cash for the down. My mom has the perfect credit. I have the debt. And my husband has the income (although none of it “counts”]). Well my mom is going to buy this house for us for 79,000 and basically we would live in it and pay the mortgage. In a few years, she will sell/transfer or whatever the deed over to us when my husband has more work experience and I pay off the cars. Anyways, she was concerned about how purchasing another “investment property” (she owns her house outright as well as a rental that she rents out) would affect my brother’s college financial aid. He’s attending a private university as a sophomore and receives basketball scholarship, academic scholarship, and financial aid for low income. Does an investment property even if the person is not making any money from it (we would be paying the mortgage and not a penny more) negatively impact my brother’s aid since he is a dependent of my mom? I’m so grateful for her to do this, but I don’t want it to hurt my brother who has not messed up his life yet with car debt. (I have 3 really really nice expensive cars…. ugh….. anyone want to buy a limited edition shelby? haha…)
Also, how would the deed be transferred to my husband and my name in the future? I don’t know how that works. Thanks!!!
My husbands income doesn’t “count” because he is a truck driver and makes per diem. He gets 18 cents per mile and some weeks makes $ 250 and some makes $ 1000. Just never know… Only 1/2 of his income is considered “taxable” and therefore even shows up on paper.
Also my mom is low income as she is a teacher’s aid and has 3 dependent children (not including me).
She can qualify because she has had absolutely perfect credit for 30 years with no debt at all. She manages her money extremely well.
Now I’m worried about this “gift tax” thing…
We made stupid financing decisions and bought expensive cars…….. I make payments but it’s a burden. Wish I could get rid of them and trade them for a house as I’d qualify without them.

Best answer:

Answer by So simple
your mom sure know

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Question by SFB: Should I refinance first or buy a house first?
I have a house that I use as a “second home” and I’d like to refinance that for a lower interest rate. Additionally, I’d like to purchase a house for use a primary house. Ideally I’d refinance the house first and take some money out for more down payment on the new house (but even after that it will be 70% LTV). But I could get by without doing that.

Will the refinance affect my credit in qualifying for the house purchase? Is it better to purchase first, and refinance second?

A secondary question – I rent out the “second home” about 10 months a year, can I still call it a “second home” for the purposes of the refinance or is it an “investment property”? My goal is to eventually move into the “second home”, but that’s at least a few years away.

Best answer:

Answer by Denny
if the 2nd home was originally financed when it was your current (primary) residence, i wouldn’t touch it. your interest rate will be alot higher if you try to refy a seconed residence. just concentrate on the main home for now.

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