Eric Smith's Discussions

From what you stated, all seems fine for FHA.There ARE NOT income restrictions for FHA, only loan limits.Click here to look up FHA loan limits.

rental laws are usually held at local and state levels. if you can't get co-operation from your tenants, you should consult a local landlord attorney to discuss your allowable actions.

it depends on the current local market conditions to decide if it makes sense to buy or rent.In Lorain County Ohio, it can make a lot of sense to buy, as houses are so cheap, monthly payments can be way less than rent.When I lived in Clay County Florida a few years ago, home prices were high and rent (for brand new homes) was cheap. To me, it made no sense to buy there at that time.

try here

As far as VA/FHA type handbooks, lenders have to follow those guides at minimum. However, lenders may "tighten up" those guidelines, they just can't "loosen".If there is no credit score at all, many times you can use other things as substitutes for these tradelines that have a minimum of a 12 month history.Ex of these substitutes: Obligated monthly payments that have a "paper trail" to them, that are NOT on auto pay.Cell phone billUtilitiesRentBy paper trail, i mean you receive a statement or have a lease/contract that states when these obligations are due each month and you have proof that you paid these on time.Ex of proof of payments on time:cancelled checkspayment history statement printout from the payeeNote: if you pay these with cash, you will need a payment history statement from the payee. if you pay your rent cash, the landlord must be a management type company, not a private landlord, for a payment history statement to be acceptable. (you can't just make up receipts, as anyone can do that)does this help at all?

Some things to look at:* Monthly savings* Closing Costs (with your monthly savings, how long does it take to recoup your closing costs)* How long you plan to be there (make sure you plan on being there longer than it takes to recoup your closing cost, which is when your true savings begins)Note: Cost per $1000 on 30yr 5.75% fixed is $5.84/moCost per $1000 on 30yr 4.50% fixed is $5.07/moJust my 2 cents...hope this helps and makes sense!

Unfortunately, it sounds like you're plain ole' upside down on the place.Some possibilities:*If you have an FHA or VA loan on the place, you may have a buyer (who credit qualifies) assume it.*Sell it and bring the difference to the closing table.(ouch)*Seller finance it (however, this means both of you still own the place together)With the large amount you seem to be upside down, a short sale seems to be the only practical solution. With the 3 possibilities above, coming out your own pockets at closing is probably the most practical, and that's a big chunk of change (at least were I'm from)

whats the question?

Do you have a link to this? Its too small to read here!Thanks!

I'm pretty sure you'll have to make the claim on your 2009 taxes, which you file next year!