this is not true. you have to be ON CONTRACT by a certain date that is rapidly approaching. Wifey has details and i will let her post when she sees this thread.
Yeah, the reality is you really need to be on contract by the end of this month or like wayne said by a certain date, because it will take at least a month to close the deal. That is assuming everything goes silky smooth.
Wayne, is your wife an agent? I heard rumors that there is a proposal to extend the tax credit deadline and even raising the amount.
Does anyone know the details about buying a house from a family member? I have heard many people say this will qualify for the first time buyers tax credit and a few people saying that it wont.
no wifey = cpa
shouldnt matter who you buy your house from
Thats what I thought/still think but I have heard from a few people that it doesn’t apply if your buying from an immediate family member but I’m thinkin that more applies to something like where your 18 and “buy” the house you and your parents currently live in from them for a very low price just to get the tax credit.
Jesus Christ call a realtor.
I have heard both things from realtors, was just wondering if anyone on here had any knowledge of it.
Can you qualify for more with a duplex than a single?
yes i beleive you can as long as its currently being rented and you can show that income 
You can’t claim the monthly rent x 12 months though, only a percentage of it to account for vacancies and such, or so I was told by my realtor.
No you cant claim they take a percentage out which I cant remember something like 13% if I recall correctly
Yes, but you have to keep in mind when borrowing for anything other than a single you will have to buy points for the loan.
I believe most banks will use a factor of 0.75
Not always true, depends on many different factors. Multi families are slightly more difficult to get mortgages for, at the same monetary value ignoring other outside factors, though as they are considered higher risk.
you dont always have to buy points rocket
Start with:
4 unit, lansingburgh, Cohoes… and only in schenectady if the building is super solid with very good rents in a decent area… the taxes there are terrible.
One can find 4 units with 2100 of monthly income for 100k-130k … would likely profit 700-1200 per month right from closing date.
more than 4 units is commercial which has higher down payments requirements and other stipulations, such as garbage removeal fees and sometimes sprinkler needs etc. Small than 4 unit and your just reducing monthly income.
These properties wont likely be sexy and often do not have garages and all the stuff we want…but thats the breaks.
I always have a small list of homes I would buy if anyone has a need. I cherry pick, but there are a fair amount of good options
Non-owner occupied mortgages require more down payment… keep this in mind. Weather you move into said property or not, if the bank is aware you are not living there, expect to need alot more down payment. Plan on living there for a short time, taking advantage of only a few % downpayment… and use seller concessions (up to 6%) if the place will appraise. It better appraise or your not buying it right. If it needs alot of painting, has rot, bad roof etc, FHA may NOT allow the purchase without escrow or the owner making repairs. This can help if the owner has owned the building a long time, is not upside down on it, and is motivated to sell, as he may pay for the work. Its a game.
Also, for the tax credit, you can not purchase from an immediate family member, i.e. your sister… however, it remains to be seen if there will be an office staffed by the government that will actually check this at any point. You also need to be under contract soon, mainly because attorney offices, title companies and the like are going to be swamped…and worse of all is Obamanation’s choice of ending it on a vacation week when many of these high paid professionals will be spending time with family for Thanksgiving…some offices will indeed have a skeliton crew… but sub par pros may be doing some of the work… and that can lead to issues. Remember, often when you get a mortgage, the money is transferred via wire or surity check into the attorneys IOLA acct. Alot of people need to be at work, and not home, to get the task completed. If you make an offer , intending on the tax credit, make the closing date on or before November 22 if at all possible. Extensions, or changes are ALL rumor. I will guess there will be a mild extension for those caught up with apprasial issues or whatever may have delayed the closing.
available now.
Use the profits from the multi-family to help pay your mortgage in few years then. Frankly, it is people like you that have these requirements of privacy, that stifle themselves financially. I welcome it though, cause if everyone made the best financial decisions, rather than filling a desire or need, then there would be fewer options for me to get involved in.
Jammer hats off to you my friend for such an educated answer especially at 7:20 in the morning
Thats what i’d like to do hopefully. Theres only so many times though you can get woken up in the middle of the night cause of some douchebag above / below in your building, and thats been my current situation for the last 5 years. I value a good nights sleep and piece of mind more than money. PLUS I HATE anybody going near my garage or shit down there. I guess when your the owner there can be rules though…
Thanks for the responses Jammer, it seems like the more I learn on this subject the less I really know.