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â€œThe resources [needed] for the renovation and operation are resources the Housing Authority does not have,â€ THA executive director Ralph Ruggs said Wednesday during a Housing Authority board meeting. The Department of Defense plans to build a ...

Cash shortfall scuttles shelter plan - Tuscaloosa News

After bids for the water treatment plant expansion project came in over budget, Navarre officials are looking at other funding options. The new funding stream could bring big savings to the village. Village Administrator Jeff Seward said the village ...

Navarre water plant renovation on hold - Independent

The Quincy City Council agreed Monday to seek a $180,600 grant from the U.S. Department of Energy to set up a loan program to help downtown business owners improve the energy efficiency of their buildings. If the grant is approved, the city would set ...

Grant sought to improve energy efficiency of downtown businesses - Quincy Herald-Whig

NEW ORLEANS (AP) - An independent study says a startup company poised to build an all-new vehicle in Monroe has a strong, experienced management team plans a car with better fuel economy than some competitors. San Diego-based V-Vehicle Co., needs ...

Startup auto company faces tight schedule - Charleston Daily Mail

Gloucester's share of the $787 billion in federal stimulus dollars trickling into states, cities and towns will slightly blunt the cost of clean water infrastructure spending, but will not pay for the vast wish list of "shovel ready" construction ...

City lands stimulus cash, but ... - Gloucester Daily Times

Banks and other lenders issued $38.0 million in financing guaranteed by the U.S. Small Business Administration, the agency reported Monday. The total was 41% above the $27.0 million in SBA-backed loans in April, continuing an upward trend that began ...

SBA-backed business loans rose in May - Milwaukee Journal Sentinel

NEW ORLEANS (AP) - A startup automobile company planning to build an all-new vehicle in Louisiana has a strong management team with experience in automotives and appears to have an affordable product with fuel economy above some current competitors ...

Startup auto company given positive marks - Charleston Daily Mail

A startup automobile company planning to build an all-new vehicle in Louisiana has a strong management team with experience in automotives and appears to have an affordable product with fuel economy above some current competitors, according to an ...

Startup auto company given positive marks by study - Forbes

BUNKER HILL â€”Â Maconaquah School Corp. officials hope those opposing the planned renovation project at two schools will change their minds in light of news of zero-interest bonds bringing the cost down. Superintendent Debra Jones said Friday she ...

Maconaquah could get construction loan - Kokomo Tribune

At the same time, San Diego-based V-Vehicle Co. needs $320 million in federal loans or other investment to get to production, while facing a potentially tight schedule with the state to develop its Monroe assembly plant. The company said the loans ...

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Renovation Loans Questions and Answers

Resolved Question: Can you borrow more than what you purchase a house for?

Say you want to flip a house. The purchase price is 300k. You put 30k down for a 270k mortgage, but you still need to borrow 50k for the renovations. Can you get a mortgage for 320k to cover the cost of renovations even though the purchase price was only 300k? Is there a special "flipping houses" loan that will allow this? If not... how the hell do people get financing for house flipping? Don't tell me they have 50k in cash lying around cause 95% of flippers don't. edit: If you are uninformed and think that flipping is only successful an inflating market, please don't bother sharing your nonsense. This is a financing question, not a flipping 101 question. EDIT: What if you only wanted to borrow up to the amount that the house sold for? Say you buy a 300k house, put down 30k, instead of a 270k mortgage could you get a 300k mortgage? more

Open Question: Can I get loan for home renovation say 1.50 lac which is a housing board flat in my mother name?

The property has no patta more

Open Question: Can I get loan for home renovation, say to build extra 1 room. I am salaried netpay 8000/- without any loans?

the property is in my mother name. It is a housing board flat with no patta. Any possibilities? more

Voting Question: USDA Guaranteed Home Loan Appraisal Process?

This would be in New York state...I wll be getting my mortgage through the USDA program, but I can't seem to nail down the home requirements. I am looking for something I can put a little work into, not a total renovation, but I am concerned about how strict the standards are on the home. I read there are no more thermal requirements on USDA loans, but I found something about HUD standards and I don't know what these would be. more

Resolved Question: How long do I have to reinvest capital gains from the sale of my primary residence?

OK, if that sounds easy, let's see how many variables I can throw in. I bought a Fannie Mae foreclosure house last September and undertook a host of extensive renovations myself. I couldn't finance the house and renovations through a mortgage, so my parents co-signed a line of credit that needs to be rolled into a mortgage before this September. After spending seven months subletting an apartment during construction, I moved in to my house. I attached utility bills and building permits to my '08 tax return to document that, for purposes of the first-time homebuyer credit, my project should be considered a site-built house with the applicable date for the credit being the day I moved in--I got the $8K grant as if I'd made a 2009 purchase (have to repay if it's not my permanent residence for three years). I'll be deploying to Iraq later this summer and am rushing to convert my loan into a mortgage before I leave town for pre-deployment training. But the refinance is going to cost me over $7000!!! I'm not happy about repaying all the fees I paid during my cash sale closing last year and am considering selling vice the refi. I plan to put the house on the market at a price to net me $15K after sales fees and construction expenses; for various reasons I'll refinance if I can't clear that amount. It is my understanding that if I sell, I would owe the IRS $8000 and roughly 25% of any capital gains (under my reading I don't qualify for home sales capital gains exemptions). However, I would put any money I save overseas and proceeds from this house into another fix-up foreclosure home when I return next summer. a) how can I minimize my tax liability and maximize my funds towards a new residence? b) if I can avoid cap gains tax and the credit pay-back by reinvesting in a new primary residence, how long do I have to reinvest? Will I be able to convince the feds that time spent for military service in a combat zone should be tacked on to that clock? c) I did most of the work, from demo'ing a pool in the backyard, replacing wood paneling with sheetrock, installing hardwood floors, relocating kitchen, etc. with my labor and the help of great friends. If I had bids for some of the projects I undertook, can I expense my labor to reduce capital gains? The profits aren't coming through speculation (not that I philosophically object to that), but through nine months of my blood and sweat. It doesn't seem right that I could deduct paying someone to texture my walls but get hit if I buy the sprayer and do it myself. d) should I be doing anything during the sale or refi to make something else in the process easier? Thanks for reading my novel, and I really appreciate any tips! Thanks for the advice. I'm asking here for ideas, previous experiences and hopefully some sources (I've checked IRS pubs but they, of course, don't expand on all the variables here). I'll be verifying whatever counsel I receive but can imagine some valuable feedback from this community. more

Resolved Question: Can I get a home renovation loan on my property which is not registered but have a Power of Attorney?

Resolved Question: Planning on buying a house but my husband is in the MIlitary so we will be renting....?

My husband is in the military and we are planning on buying a rancher that is priced so low that it's hard to let it slip through our hands. We will be renting it out to my in laws and a contract and all the right paper work so they know this is business. The only problem is the house needs some fixing up maybe about 30,000- 40,000 to renovate, so I guess my question is would this be a good investment. We always wanted to flip a house but since this isn't a seller's market right now we will keep this house and rent it and since it's my in-laws they have already agreed that they won't mind the renovation taking place while they are there. We don't have a house where we are stationed at and the house we are planning to buy is about a 3 1/2 hr. drive. We live on base housing so our rent and utilities are taken care off so we would be making a profit from this house. My thing is should we make the improvements over time and use money will have which wont be enough to cover the budget or should we do it months at a time with an added loan to the loan we will get for the house? And how would that work will they incorporate the improvement loan with the initial loan or do we need to have two separate loans....and yes we have good credit, minimum debt just a car and one credit card...so will this be a wise decision. We will not sell the house till the housing market gets good again, if that cuz it's a good location and it would be a nice house to come to when we visit from our duty stations. The rancher was priced at 150,000 then lowered to 120,000 over the months. And We offered 100,000 with them paying the closing cost. It's a 3 bedroom 1 bath but a huge yard to expand! I forgot to mention the house right across the street from my parents so my dad can be there to supervise and if need be I can easily stay at my parents house for weeks at a time to supervise as well. We don't plan on using are VA. And must it be known that we are renting it seeing that the agreement is between my inlaws we wanted to pass this as a vaction home which it will also be. And our primary resident is NJ with the military seeing that we always travel we are residents of NJ it never changes, and I also want to know will be qualify for the the 8,000 when income tax comes around for first time home owners? more

Resolved Question: Is there any way to get the 2009 Housing Stimulus money early?

I plan on buying a house in Pennsylvania in the next couple of months but I would like the $8000 to do some renovations. Is there some way to file something with my taxes to get this money early? I do not want to do the PHFA Tax Credit Advance Loan because I heard bad things about the Keystone Home Loan program. more

Voting Question: The perfect business includes...?

Facts: Starting a small business. Teen Club/ Restaurant. I have great credit. I know the building I want. I know the renovations I want. I need a small business loan. I want to know things to put into a business plan to get my loan. more

Resolved Question: is it likely a gutted house can be restored for 110k?

we are being given a house for only the cost of renovations. there was a fire on the 3rd floor of a 2 or 3 family house (there is a gaping hole in the roof) and now it is completely gutted. we would be first time home "buyers" and could def. afford the cost of a loan 110k (so it seems like a good opportunity to re-do it and make a profit) but we would never be able to go out and buy a full priced house of our own at this time. my fiances father got quotes from 75k to 110k to do it, but i'm skeptical of those prices. the house is in a very desirable area in the town (CT) anyone have any input? it's not in an upscale part of connecticut, but for the town it's in, it is one of the nicer neighborhoods. i wouldn't be looking to do it myself, but if i plan to sell it as an investment property, i'd like it to be a quality job but not lavish. can there really be horrific water damage if it is completely gutted already? i realize the possible drawbacks to this deal. i would have someone look at it first to see the extent of the damage before i decided either way. i'm not interested in living there for more than a few years or being a landlord to anyone. this would be a one shot deal, not waiting years and then starting other projects in it. i'm just wondering if it is unheard of to do this job for around 110k given the price quotes he got. more

Resolved Question: need to write contract for fha 203k Realtor and lender seem to have no clue?

found a great home, short sale already approved and contract fell through, turns out they have until tomorrow to get a new contract submit.i want to submit but inside needs a bit of work, new carpeting, painting, appliances, fumigation, remodel bathrooms.possibly turn master bedroom half bath into full bath if possible (that's the one biggie). how does 203k streamline work? does pre-approval letter need to include renovation amount? say i offer 200k and need 20k to renovate, does preapproval letter sent to bank need to state 220k?realtor and loan officer/broker both seem clueless on this.can i do 203k streamline or doe sit have to be traditional 203k? more

Resolved Question: Will my Home loan be approved?

Hi, I am from India - Hyderabad. I have applied for Home loan. The house is on my mother's name. I am the nominee. I want to make a few renovations and constructions. I have all the documents that are required. But few bank people are asking for Gifted document - which says that the house has been gifted to me by my mother. Its a registered doc. which will cost me 20-25 K. I don't have that kind of money. But few people said they shall try processing the loan without that. I don't have any other loans. Just a credit card which i have been paying regularly. I was both on June 1st 1983. Nominee means, on the event of my mothers death, the house will automatically get registered on my name. Gifted is another way to giving a property to someone, it is a registered docuemnt and cost more than writing a will. Though, when a property is giften, it is tax exempted to a certain amount. more

Resolved Question: Looking to buy first home mortgage ?

We are buying our first home and are wondering if we can take a mortgage on more than what the house is selling for to do some renovations and buy some appliances and needed furniture. If so please give some details and if it a different loan completely please name it. more

Voting Question: How to fund my renovations?

I plan on doing renovations that will cause me to go over the 80% loan to value threshold (based on my current apparaisal) in which case I will need to pay the PMI penalty. I would be over by $40K to $50K. The new appraisal of the house would normally eliminate the PMI but I was told I would need to refinance again to have the PMI removed. Paying closing costs is not something I want to do twice. Options include borrowing from my 401K (rather not do with market so bad), borrow full amount and pay the PMI, or possibly take the mortgage out up to the 80% and then take out a home equity loan for the remainder. Is the third option a viable option? Am I missing any other options? more

Voting Question: What is a renovation loan?

The home behind us is for sale. It is a foreclosure from what we understand. Its been vacant since before we moved into this rental. Normal homes is this area are around $300,000, its priced at $164,000. In its listing it says a renovation loan is needed. Why does it say that and what is it? more

Resolved Question: How to get a loan for flipping houses?

I'm just in the research stage for flipping houses to see if it's something i would like to get into, especially with the economy. What i don't know, is how people get their loans to do the job. You see the shows on tv for flipping houses and they'll buy the house for let's say $75,000 and spend $25,000 in renovations totaling to a $100,000 investment. Now, here are my questions: 1) Who do you get the loans from? 2) Is it a business loan, a loan you get from the bank and tell them what your plan is, or are there separate loans? 3) What about payments? Don't you have monthly payments like insurance, utilities, loan payments, etc.? Those are just a few, but if someone could help me, i would very appreciative. more

Resolved Question: Wife wants a motorcycle?

My wife and I have 3 small children (the boys are 5 and 6) and our little girl is 18 month old. We have just bought our first home last summer and there is alot of repairs that we need to do to it. Like upgrade the kitchen, redo bathrooms, not to mention replace heater system (which is not broken yet, but its very old). Anyway, she just completed her motorcycle class, got a license and now she wants to buy a motorcycle. She says she will get something not very expansive (like 3-5k). We do not have this $ to spend on the motorocycle, so she wants to take a credit/loan. Plus I have no idea how much is the insurance, but I can imagine our premiums will go up. We are ok financially, I mean we have good jobs, but everything goes toward the kids - their school, their figure skating/ballet classes. So in the end, we really dont have that much $ left to spend on ourselves. I dont know how to react. Please advise and dont be mean :) I understand that a woman needs her space, that she wants a hobby, etc. I am not against it. I just think right now is the wrong time for it. We really should be spending $ on renovations on our house, not the motorcycle. She told me yesterday (and it really hurt alot) that ok, we will have this nice, renovated house, but she is "going to wake up one day and just leave it all" :( This sucks. I sacrifice everything for the family. I have put myself through grad school and got Masters in CS while working with 3 kids. I make good $, but I can never bring myself to spending on things that I "want". Kids always come first. I think my wife is being selfish and unfair. What do you think? more

Resolved Question: Husband wants a motorcycle?

My husband and I have 3 small children (the girls are 5 and 6) and our little boy is 18 month old. We have just bought our first home last summer and there is alot of repairs that we need to do to it. Like upgrade the kitchen, redo bathrooms, not to mention replace heater system (which is not broken yet, but its very old). Anyway, he just completed his motorcycle class, got a license and now he wants to buy a motorcycle. He says he will get something not very expansive (like 3-5k). We do not have this $ to spend on the motorocycle, so he wants to take a credit/loan. Plus I have no idea how much is the insurance, but I can imagine our premiums will go up. We are ok financially, I mean we have good jobs, but everything goes toward the kids - their school, their figure skating/ballet classes. So in the end, we really dont have that much $ left to spend on ourselves. I dont know how to react. Please advise and dont be mean :) I understand that a man needs his space, that he wants a hobby, etc. I am not against it. I just think right now is the wrong time for it. We really should be spending $ on renovations on our house, not the motorcycle. He told me yesterday (and it really hurt alot) that ok, we will have this nice, renovated house, but he is "going to wake up one day and just leave it all" :( This sucks. I sacrifice everything for the family. I have put myself through grad school and got Masters in CS while working with 3 kids. I make good $, but I can never bring myself to spending on things that I "want". Kids always come first. I think my husband is being selfish and unfair. What do you think? more

Voting Question: What is the lowest offer I can get away with?

What is the lowest offer I can get away with? The house Iâ€™m looking at is bank owned. It was originally listed at 84,660. It is now listed at 31,000. The property is being sold strictly as is. Buyer responsible for c/o smoke cert. and all inspections. The listing date is 12/2/2008, but I donâ€™t know how long it has been sitting. The house is currently abandoned and all I can see are pictures, the windows and the door are all boarded up. I have tried to get in touch with the listing agents with no response. I have no clue how much damage this house has. The house is located in an up and coming neighborhood so there are a lot of bank owned property in that area. Over the last couple of months prices for houses in that area have been dropping a lot. This house is cheaper then some in the area but I have no clue the condition. Could I make an offer of 5,000 cash or perhaps less? (Since the bank owns it I donâ€™t feel bad at all making a low offer since they obviously threw the people that lived there out on the street) I donâ€™t want to take out a mortgage and need money for closing cost and Iâ€™m sure thousands of dollars in renovations. Since the windows and door are all boarded up I know Iâ€™m going to need to buy those. I have 12,000 saved and have a moving date of October 2009 which gives me plenty of time to go through the process of buying and renovating. My Dad worked in construction so thatâ€™ll help but Iâ€™m still anticipating having to spend a lot on any of these bank owned houses. The bank owned houses are the only ones I can afford without taking out a loan. There is another house listed at 19,000 same situation only this one has been listed since 9/27/2007. What would people make an offer on that one? I'm a first time buyer and don't know much about all this stuff so guidance is greatly appreciated. I don't have a real estate agent. more

Voting Question: my mother is taking over my home. How do I regain it without losing a good relationship?

I asked my mother to buy a house in her name for me (due to me having had id theft & bad credit because of it). I'd make payments and my mom would be involved on paper only. She agreed to this and we bought the house. She put in a down payment for me because I did not have alot up front (to be a loan I will pay off which is included in the payments). But soon after we got the house she began making demands on what I could do with my home (ie people staying there, decor, who does repair work, etc) & makes renovations without my consent when I leave the home (she just hires people and tells me the night before they are coming or when I leave home she sends them). She is trying to know everything I do (questions me like a 5 yr old who's been naughty & acts upset if I don't tell her) and does as she pleases to my home. She now calls me a tenant in my own home & my house her "investment." She says she'll do so until I pay off the balance on the house. When I try to talk to her about this she won't listen. How do I regain my house if she won't cooperate and not ruin a relationship with her? Before this house purchase we were close, now I avoid her except to arrange for her to see my kids or to talk to her about this stuff (which is really bothering me... I have lost sleep over this). She is stressing me out. Help! ps I have never been late on any payments. I have been in the house now 9 months and am in no way able to pick up my kids again and move. Plus, in the area I am in it would cost almost 2 times as much for a 3 bedroom apt for me and my kids compared to what the mortgage is. Also, for all the repairs and renovations and decor she changes she keeps adding these to my final balance to the house too even though I do not consent (or alot of the times even know) of them happening! more

Voting Question: how to handle mother manipulating my life?

I asked my mother to buy a house in her name for me (due to me having had id theft & bad credit because of it). I'd make payments and my mom would be involved on paper only. She agreed to this and we bought the house. She put in a down payment for me (to be a loan I will pay off which is included in the payments). But soon after we got the house she began making demands on what I could do with my home & makes renovations without my consent when I leave the home. She is trying to know everything I do and does as she pleases to my home. She now calls me a tenant in my own home & my house her "investment." When I try to talk to her about this she won't listen. How do I regain my house if she won't cooperate? my mother and father are not together and have not spoken in over 25 years. I cannot ask him, nor can I talk to him about it since I have rarely been in his life since as well (due to mom & other factors. Also, none of the other family will talk to me about her and this as they say they do not want to get involved... basically because they do not want to get into the middle of it). From what I understand though, they are not happy with what she is doing but are not willing to speak to her about it or give me advice on it. They just say "handle it the way you see fit." Not sure what that means though... especially when it comes to family I don't want to do the "wrong" thing and end up with a ruined relationship. But, then again, I can't keep living like this. To the poster that said I need to grow up: I am responsible. I go to work, school, take care of my kids (special needs), & I donated a 2 yr old car to a child abuse prevention center & that is how my id was stolen & my credit screwed up. I pay all my bills (never late), own my own car, volunteer, gave her collateral, & money towards the house's payment was also from an account I have (she offered the extra towards the down she loaned me as a way to reduce the monthly interest payments). And, my uncle gave money to me for this house as a gift, sent it to her as I was away at the time, and she kept it for herself and for renovations (I did not approve of) then added the costs to my balance on the house. My uncle is now demanding that since she did not give it to me as she was supposed to or put it towards the house's down as was my intention that now she owes it to him back. So, it is her, not me that needs a keeper. She is pissing off everyone but they won't confront her. more

Voting Question: What is a home equity loan and how does it work? Can you use it for home renovations?

We have to renovate our master bathroom but don't completely have the funds. Someone told us this is the way to go but did not explain it very well. more

Resolved Question: Balance Sheet and Income Statement HELP!!!!?

I have already done the income statement but I do not think I did it correctly. I have no idea how to do a balance sheet so if someone can help that would be great. Here is the details: Income Statement For the year ended December 31st, 2000 Revenues: Sold Parking Spot 301 $100,000.00 Sold Parking Spot 307 $120,000.00 Transient Parking Fees $22,000.00 Net Income from Sale of Gasoline $3,000.00 Car Wash Fees $4,000.00 Net Income from Sale of Miscellaneous Supplies, and Services, including Motor Oil, Transmission Fluid, Recharging Batteries $1,000.00 Total Estimated Income $250,000.00 Expenses: Utilities $7,000.00 Garage Payroll $42,000.00 Maintenance, Repairs & Garage Supplies $1,800.00 Management $7,200.00 Bookkeeping, Payroll & Office Supplies $2,100.00 Insurance $6,000.00 Elevator Maintenance $1,500.00 Security $720.00 Permits & Licenses $140.00 Water/Sewer $600.00 Trash Removal $220.00 Legal & Accounting $1,000.00 Reserve for Contigencies, Improvements and Replacement $2,500.00 Renovations Expense for Conversion: Rewiring $20,000.00 Elevator Repair $20,000.00 Cleaning, Painting, Window Replacement $30,000.00 Miscellaneous $15,000.00 Loan Payment Year 1 $76,632.00 Total Estimated Expenses $234,412.00 Projected Net Income $15,588.00 Given this information...can someone help me do a balance sheet? more

Resolved Question: Does it make sense to take a home equity loan out for $100K or so a year in advance of renovations and invest?

I'm thinking of putting it all in a couple of mutual funds or maybe half mutual funds/half CDs. I would cash out on other investments to avoid short term capital gains. more

Voting Question: Can I refinance my home with a VA Home Loan?

I was in the Army in 1981 to 1984. I was married in 1994. Me and my wife live in what use to be her parents home. We refinanced previously. But due to the economy I was unable to finish some of the renovation I started. And we are having a hard time paying, approximately $1.850 monthly. I had a brainstorm; I hope. Can I use my VA Home Loan to refinance our home to finish the work I started and to lower our payments? I live in NY and I am a Government Employee more

Voting Question: How to buy a house from a Real Estate Investor?

The investor is getting financing on the house that I like, (which I have 1st dibs on), and it needs some major renovations done. Once the house is done, and ready for me to "buy" it, what is the next step? I will be getting a mortgage loan, and repairing my credit at the same time. But my main question is, once he is done renovating the house, is the price of the house going to go up? Or will it stay the same at $82,500(my max is $89,000 because of my income). The renovations will take about 3 months or so. I will also be using the City's down payment assistance program to help with the down payment. What is the procedure of a investor buying a house, and then fixing it up, and later on, getting a buyer to buy the fixed up house. And what should I look for? As in any unforseen circumstances, anything to look for? I would appreciate any help that you can give to me. more

Voting Question: FTHB - Renovated House?

I'm purchasing an older home that will require renovation before we can move in. I have two options: 1. The seller will complete the renovations and charge a higher price for the house. or 2. The seller will sell the house "as is" at a lower price, then I'll hire a contractor and/or finish some of it myself. So the value of the home will be about the same either way (in the end), but in the first scenario, all the money would go directly to the seller, and in the second it would be split between the purchase price for the seller, and the renovation costs to a contractor before I move in. I have most of the money to pay cash for the house, so I may or may not get a loan for part of it. The "as is" price will be about $55,000 and the price with renovations already completed would be about $84,000. I saw that new construction homes were eligible for the tax credit, but I can't find anything that mentions renovated houses. My preference is to hire my own contractor (I'm sort of picky), but I'd like to know how that would effect my FTHB eligibility. If I can only claim the "as is price" then I'd lose out on $2500, right? So is it 10% of the cost of the house, the value of the house, or just the money that goes directly to the seller? Thanks so much for the help! Sounds like everyone's in agreement, so I'll just have to discuss it with the seller... more

Voting Question: Getting a divorce and question on marital division of assets...?

My mother was married in 2005. My step-father owned a house pre-marriage but during their marriage they did wanted to do renovations so they refinanced the house, due to my step-father's credit my mother had to hold the new loan and is now the primary deed holder of the house. They have been separated for a year and the house just sold... is my mother legally due 1/2 of the profit, or does my step-father legally get all of the money? more

Resolved Question: Do I have a case to sue? Is it too late? Any other options?

I just want to know if I have a case and if it is too late to file. Here is a basic overveiw of the situation. In Febuary of 2006 my husband and I began looking into purchasing a house, we had never bought a house before, so we contacted a real estate agency in our area who showed us a few properties that did not suit our needs, he then directed our attention at this location. After we had done our first walk through he put us in contact with someone he believed could help us get financing, then we were asked to come in and sign some papers, one of those was a dual agency disclosure, he told us it was no big deal, his company did this all the time and he would still be representing us whole heartedly, but that it just meant that his company happend to be listing the house for the sellers. He told us all in all the house was in pretty good shape, and that it was a great price. We never thought there was any reason to question much as it seemed he had it all taken care of and we were getting a great peice of property at a bargain price. It was only after we purchased it in April of 2006 that we realized the faulty well pump switch, the leaky heating fuel tank, the shorted outlets and light fixtures, bad wiring, leaky plumbing, mold in the floors, as well as in the walls and other areas, the house has a major problem with mice and other small rodents, and the downstairs ceiling is literally stained with the urine and defication of the mice that live between the ceiling of the main floor and the floor of the level above, the floors are rotting and unlevel and worst of all the foundation and support beams are caving, cracking, and crunmbling. Hydrolic tractor fluid and other wastes left in an old shed from the previouse owners logging business have stained some of the soil and nothing grows in those areas. We began cleaning up the property and working on the house as soon as we got in, but it is just more than we can manage, we are an extremly low income family, with 4 children at home, 3 of them being special needs. I did contact the realtors office the year after we bought the house and was told that the real estate agent who handled our case no longer works there but that they were sure I had been told everything that they had a legal obligation to disclose and that there was no proof the agency or the seller had had any prior knowledge of the problems with the house. I have confermation that they did, the posts that we thought were mere support posts are actually jacks used to lift and straighten the cross beams and supports of a house. (they are failing) So after realizing this I began looking closer over our documents from the purchase of the house, I came across the appraisal notices and several questionable entries including..1)the area asking if there are any adverse site conditions or external factors such as easments, environmental conditions or land uses is marked NO, but we do not have our own drive way, we have an easment to the highway, and we were not told about the logging business run here or the heavy equipment that had been stored here or chemicals used here untill after the purchase. 2)in the area that states describe the condition of the property (including repairs, deterioration, renovations, remodeling, ect.) it is marked SUBJECT IS IN AVERAGE CONDITION FOR AGE OF HOME, QUALITY OF CONSTRUCTION IS AVERAGE, NO NEEDED REPAIRS OR REMODELING NESSASSRY. 3) in the area that asks are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the of the property it is marked NO. We can barley afford the payments for the seller carry back and the mortgage, let alone the nessesary repairs to keep the home livable, one of a few things is going to happen if we can't find any course of action, either the floor is going to cave in under our feet, we are all going to get sick due to mold, rodent waste, lead paint ect...or we are going to end up in foreclosure with no where to go. There must be something we can do. Please contact me and let me know what you think. Oh I almost forgot to mention, we are located in a rural town in Minnesota. Please do not be judgmental, or rude, I realize that I should have done my homework back then, I wish I had been more knowledgable and less immature and blind, but I wasn't, so please look at the situation for what it is now and give me any ideas on what I can do, now that I am looking more into all of this stuff I am surprised we were ever given a loan for the amount that we were, it wasn't realy ever in our price range. I was even looking into selling to one of those WE BUY OLD HOUSES things just to get out from under it, even considered letting someone take over payments straight up, but then found out that the mortgage would still be under our names so we wouldn't be able to get a loan to get us into anything else, and if we sold it to them for cash since we have no equidy we would still owe the mortgage more

Resolved Question: Asking for prayer please...forgive the length, as there is much to understand....?

Almost two years ago hubbie's mother bought us a house in exchange for taking care of her and Dad for the rest of their lives. She complained about her daughters having her sign away important matters in the past, so we held back and got nothing in writing. We got an all-interest loan expecting to have it paid off within a couple of months with the profit from her old house. After it sold, she told us to go to hell, that she was paying nothing more. Five months after Dad died, she provoked a huge argument with her son and used it as her excuse to move out with no advanced notice. Within the month, we were served papers making all kinds of false allegations and demanding that we sell our home and pay her back the down payment and half of the worth of the house. She has not seen nor spoken to us since last June and refuses to keep any of her promises. We now realize that from the beginning this entire experience was planned, and that we were the patsies. She hated her husband and didn't want to take care of him, and never intended to keep her promises. We have no idea why she would do such a thing to us. My husband and I were very close to retirement when all of this happened, but we left behind everything in order to take care of his parents because it was the right thing to do. As we had planned to live here the rest of our lives, we have put much of our savings into upgrades and renovations to make the house suitable for the four of us. We have offered her more than she's entitled to, but less than what she is demanding. Now she is trying to force the sale of the house to get her money, and leave us with nowhere to go. Hubbie's mother needs the Lord in her life, and we are praying that God soften her heart and listen to Him. Whatever happens with the house we will accept as God's will for us, but more importantly we wish to see this woman lose the hate and bitterness she has acquired over the years and to understand that we love her. Hubbie is so hurt right now that we are both in a surrealistic state, to think that a mother would treat her son in this manner! Please pray first for the mother's salvation, second for the situation, that God will allow us to keep our home, and third, that she and my husband are able to reconcile. Partition suit hearing is set for early March. But most of all, please pray that God get the glory for everything that happens next, because in spite of all of this, had we not obeyed God and done this, Dad would not be in heaven right now. Nine days before he died, Dad accepted Christ as his Savior, and that has made this entire nightmare worth it all. Will you please remember us in prayer through this time? I'll post the decision as soon as we know. Bonge, we have a great lawyer, but he needs prayer, too, to guide him through this complicated mess. Although I don't agree with your answer, thank you for taking the time to stop in and say your piece. While I'm here, I'll add you to our prayers. God is never too busy to answer three at once. more

Resolved Question: does taking easicredit affect my credit rating?

I would like to take out a Easicredit loan for a home renovation. Because of circumstances (nothing bad or illegal), I am unable to use the normal renovation loan. Will taking an easicredit loan affect my credit rating more

Resolved Question: Small business start up, Which would you do?

Ok, So I want to own my own business. In my area there are a lot of vacant rental properties, because of this many are offering free rent. My question is: would you A.take advantage of the free rent use the time for renovations and to obtain equipment and start preparing to open slowly, or B.save money up for a year and then start looking for a lease that will likely not have the same looseness as now? Not looking to get bank loans for funding will come directly from my income and I don't currently have savings dedicated for this, I do however have enough monthly income to start slow. Which way do I go? Yes- I have a business plan. My focus is to open my business without bank funding using my own money. Because I am using my own money start up will be slower. Do i secure a lease for a year with no rent and use the year to get all the items I need or do I get all the items I need first(which would take about a year) and then get a rental lease at possibly a higher cost more

Resolved Question: Have you seen this passed (H.R) Bill of "American Recovery and Reinvestment Act of 2009"?

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR00001:@@@L&summ2=m& Makes supplemental appropriations for FY2009 to: (1) the Department of Homeland Security (DHS); (2) the Department of the Interior; (3) the Environmental Protection Agency; (4) the Department of Agriculture; (5) the Department of Health and Human Services (HHS); (6) the Smithsonian Institution; (7) the National Foundation on the Arts and the Humanities; (8) the National Endowment for the Arts; (9) the Department of Labor (DOL), Employment and Training Administration; and (10) the Department of Health and Human Services. Amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 to extend employment eligibility confirmation pilot programs (including the E-Verify basic pilot program). Directs the Commissioner of Social Security and the Secretary of Homeland Security to enter into a fiscal year agreement to provide funds to the Commissioner for the full costs of such programs in quarterly advances. Requires that the Government Accountability Office (GAO) to conduct studies regarding: (1) erroneous tentative nonconfirmations under the E-Verify program; and (2) the effects of such program on small entities. Amends the Longshore and Harbor Workers' Compensation Act to revise the exclusion from the meaning of "employee in the recreational marine industry" of any individuals employed to repair a recreational vessel or to dismantle any part of it in connection with its repair. Establishes a Federal Coordinating Council for Comparative Effectiveness Research. Directs the Secretary of Health and Human Services to invest in the infrastructure necessary to allow for and promote the electronic exchange and use of health information for each individual in the United States, consistent with the goals outlined in the Strategic Plan developed by the Office of the National Coordinator for Health Information Technology. Makes supplemental appropriations available to the Department of Education for: (1) education of the disadvantaged; (2) impact aid; (3) school improvement programs; (4) innovation and improvement activities; (5) special education; (6) rehabilitation services and disability research; (7) certain student financial assistance programs, as well as federal administrative expenses for such programs; (8) teacher quality partnership grants; (9) the Institute of Education Sciences; and (10) school modernization, renovation, and repair. Sets the maximum individual Pell Grant amount at $4,860 for award year 2009-2010. Establishes grant programs for the modernization, renovation, and repair of: (1) public elementary and secondary school facilities; and (2) higher education facilities that are primarily used for instruction, research, or student housing. Amends the Higher Education Act of 1965 to increase the amount authorized and appropriated for Pell Grants for FY2009-FY2010. Increases annual and aggregate student loan limits under the Federal Family Education Loan (FFEL) program. Alters, on a temporary basis, the formula for calculating special allowance payments made to FFEL lenders to compensate them for the difference between FFEL interest rates and market rates. Makes supplemental appropriations for FY2009 to: (1) the Corporation for National and Community Service; (2) the National Service Trust; (3) the Social Security Administration (SSA); (4) the DOD; (5) the Department of Veterans Affairs; (6) the Department of State; (7) the Department of Transportation; and (8) the Department of Housing and Urban Development (HUD). more

Resolved Question: FHA $7500 tax credit in advance?

We have found a wonderful home at an awesome price that we can afford, however, the home needs cosmetic repairs where the previous owner left off on renovating both of the bedrooms (No floor covering or doors) and the only bathroom (No doors, floor covering, or tile...however, one working toilet, working sink, and tub). This home is a short sale and the bank(seller) will NOT pay the repairs or include money in the sale price for the repairs. The now required 3% down by FHA will take nearly all of our savings. We are trying to find the best option for getting money to finish the renovation to make the home at least comfortable in the bedrooms/bathroom area. If anyone has any ideas, our ears are so very open because we are signing the offer contract today (The offer has already been worked out between the bank(seller), our mortgage broker(through FHA), and our Realtor and pre-approved so I don't think there's any chance of altering it if we want it accepted. The Realtor already proposed that the bank pay some of the repair cost but they won't.) We're pretty frightened about living in a home (as great as it is) with no flooring or doors and exposed wall board(tile foundation) everywhere in the bathroom. We are specifically wondering if maybe there is a way to get an advance on, or a loan against the $7500 tax credit that we will receive next year at tax time? We are open to any suggestions that will help us with this dilemma however! We are even wondering about Federal Grants, but there is so much hype and scamming surrounding them it seems like and we don't know the best way to approach one without getting taken for a ride. Thanks in advance for your help, any help :) We don't need the $7500 before closing, just way before April 2009 which is when we will be due to receive it. (Like within a month after closing) This house is very much within our price range and one of the lowest in the market for our boy's school district with 2 bedrooms which is the bare minimum we can live in as a family of 4. This home is selling to us about 60% of the appraisal after the repairs are done. We have lived in a tiny 2 bedroom apartment for 4 years saving what we have to put down on the house and the boys are too big to have any room to study effectively, have friends over, etc. so moving is definitely a must and buying is a much better option than putting this money toward a bigger apartment that is going to cost more than this mortgage. Hope these added details help. Thank you so much for the suggestions so far!!! :) Edit "April 2009" in details above = "April 2010" SRC50, Thank you so much for your answer to my question is Yahoo Answers regarding the $7500 tax credit as follows: "You cannot get the $7500 tax credit in advance. It is payable only AFTER you close on the house.Source(s):http://www.federalhousingtaxcredit.com" I followed the link and found the following information in the FAQ: "If Iâ€™m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? ...Yes..." (followed by more information) Do you know if this means we can amend our return after settlement and receive the money for the credit at that time??? Sincere Thanks! more

Voting Question: How will my taxes be different this year with my home purchase and renovation?

I bought a house in March of 2008 jointly with a friend to renovate. It's in our names not a business or anything. We have spent about $15k on renovations so far (have every receipt) along with paying the mortgage, taxes, insurance, ect. There were also closing costs that we paid when we bought it. I know the interest on the loan is tax deductable and i'm sure turbotax will help me with that. Are there other things regarding the renovation expenses and closing costs that I need to know? Any other things that I might want to consider? This is my first time owning a house so i'm not sure of everything I should be considering. Thanks. more

Voting Question: My uncle is being a dick and ripping my mom off, is there something she can do?

My mom is a single mother. She works full-time as nursing assistant at the local hospital for $15/hr and she works for my uncleâ€™s drywall business for minimum wage. She has a mortgage, car payment and two children to provide for plus other household expenses (groceries, etc.). Not to mention, my uncle offered to renovate our house, effectively doubling my momâ€™s mortgage payment, if my mom took out a loan for him to buy a new work truck. My mom took out a fifty thousand dollar loan; bought him a 2008 truck and my uncle got his idiotic employees to do the renovations. First, my uncle told my mom he got his employees to work for cheap. He told her that his employees were working for half-price or some similar bullshit! But, not only did they claim to work more hours than they actually did (sometimes they were on the job site but not working, I was home alone one morning and woke up to find them playing Rock Band on my sisterâ€™s Wii) and my uncle signed their pay checks at my momâ€™s expense, they also half-assed the job and when my uncle inspected their shoddy work, he brought the same workers back to fix it but did not penalize them! He actually charged my mom again to have their shoddy work repaired. He effectively scammed my mom, making more money than he would have earned at a regular job! Itâ€™s also possible that he charged my mom for expenses needed to renovate his own house or his momâ€™s house (heâ€™s my uncle-in-law; his mom is not my momâ€™s mom). Now, heâ€™s trying to force my mom out of her job at his business, which isnâ€™t fair at all because my mom is a really hard worker. Sheâ€™s cleaned out three or more houses in twelve hours came home and slept for a couple of hours and went to work for eight hours at the hospital! She didnâ€™t charge him for a lot of the extra stuff she did for him either, she didnâ€™t charge him at all when she drove him all over the county for whatever reason (not even for gas) because he couldnâ€™t drive while he was impaired. She worked for less and harder than most of his employees and wasnâ€™t bugging him for constant cash advances. However, heâ€™s still forcing my mom out of her job so he can hire his deadbeat brother, who heâ€™s hired several times and on each occasion he has tried to screw my uncle over (i.e. him off, starting his own â€œbusinessâ€ and stealing my uncleâ€™s clients, etc.), and a pill-popping, drug addict. Itâ€™s not fair, is there something my mom can do? more

Resolved Question: Any way to resolve this debt?

My family and I are in a pretty messy financial situation right now. Long story short it's like this. My family has three main properties. 2 houses and a restaurant. The restaurant is obviously our only source of income, but business has been slow this year so we are not able to cover the costs of all three of these properties. So we've been making negative income for months, practically living off of saved money. It's clear to us that we have to get rid of a house so that we'd even stand a chance of covering our bills. It's like this. House 1- is worth around 600,000 dollars and we have a 250,000 remaining balance before we can pay it off. House 2- currently needs 130,000 dollars to pay it all off Restaurant- Currently needs around 120,000 dollars to pay off the remaining balance on the building and for city-loaned renovations we did last year. Since we are in such a terrible position right now, putting the 600,000 dollar house on the market right now would take time for it to sell, and we have no time it seems. But we need money to pay off the debt on the restaurant and the other house so that we can make a sustainable income. So my question is, is there any type of deal you can make with the government similar to bankruptcy that we could have the 600,000 dollar property taken away from us and used to pay off the remaining debt we have for our other house and restaurant? more

Resolved Question: We are about to file bankruptcy and our house will be foreclosed upon. We owe $880K on a jumbo loan and ?

another $120K from a HELOC. The home is worth about $850K today. We have another $100K in the house and just put in $200K in home renovations. Now, we are completely upside down, so facing foreclosure. Can my parents buy the house at the foreclosure auction and what are the risks in this climate? We are not considering a short-sell bc they are not at an "arm's length." What about for foreclosures? Any other ideas? The banks won't negotiate with us bc we don't have enough equity in the house. ;( more

Resolved Question: does anyone know of a way of releasing capital from uk source on a french property?

im trying to finnish renovation on a french property and really need to raise some capital on the building does anyone know of a bank or loan company who would deal with someone who would need self cirt on a non uk property ? more

Resolved Question: Home Renovation Loan?

We are planning to buy a foreclosure and want to renovate it. The cost of house is between 300-310K and the cost of renovation will be around 30K. We are first time home buyers but we are going to put 20% down payment. We will still be having some money for the repairs and renovation. I am not sure it will be good to use our savings for this purpose. Can we add renovation cost in the mortgage and save with lower mortgage interest as compared to separate loan from the bank? What is the best possible way to finance this renovation project? Thanks a lot!!! more

Resolved Question: Why do people assume that just because my husband is an engineer I must be a college grad too?

My husband is a software engineer and whenever we meet new people related to his job most of them ask me which college I graduated from. It makes me feel bad because I went to college but was unable to finish because of my struggle with bipolar disorder. In 2004 I graduated from high school with a full scholarship to a very selective private college; my illness was misdiagnosed as depression by an incompetent family physician who refused to refer me to a psychiatrist. I had been complaining about severe mood swings for the past year and all this doctor did was pump me full of anti-depressants to the point where I was on 3 times the MAXIMUM dose of Prozac. The Prozac threw me for a loop and my behavior became increasingly erratic to the point where I couldn't focus on school and basically flunked out a year after high school. I tried to kill myself and ended up committing myself into the hospital where I received proper treatment. I bounced around working retail for awhile until I got married in 2006, moved to a new city and landed a job as a fraud analyst with a credit card bank. I did well at my job despite the fact that most of my coworkers had college degrees and I didn't. I also put my husband through his last 2 years of college while working that job. I quit it because my husband and I moved from Delaware to Alabama this June and I'm now a full time homemaker, although I am trying to find part-time work as a secretary or bank teller Every time someone asks me what I do for a living and what I college I graduated from the proverbial scab over the wound gets ripped open. It makes me think about what I could have become and I start to feel really bad about myself. All of my husband's coworkers spouses have professional degrees and jobs to match or are stay at home mothers. I feel like a lazy bum when I tell people that I'm a college dropout with no job and no kids. As for me going back to school we really don't have the money. I'm already $15,000 in the hole because I borrowed money in a futile attempt to save my education after I lost the scholarship. We also just bought a house and are trying to pay back my husband's student loans too. Basically the only thing positive I have going for me is the fact that I'm the one doing the renovations to our house. I'm very good at doing interior finish work on houses because my dad taught me how to when I was a teenager. How can I stop the questions before they're asked? I like to socialize but hate dealing with the questions. I know I've overcome a pretty large mountain (getting bipolar disorder under control isn't easy for most people and some never do) but when I tell people about my life without mentioning my struggle they get the wrong impression about me. more

Resolved Question: How can I get in to House Flipping? The money questions...?

I am a young business woman with hardly any good credit left. I am extremely smart and very handy when it comes to architecture and remodeling. I would like to get in to house flipping with the help of my family's good credit history. I just need some more information and I am hoping some one on here can help me out. I know very little about purchasing a home, and that part would be taken care of by my father. I am curious though as to how we would pay for the renovations. Can you take out a higher mortgage to help pay for those kinds of things? Or would that be an out of pocket expense? My husband and I would do all of the work ourselves, so we would have to pay no one to do installations/remodeling. So that will be a big help, but also wondering... say it ends up taking 2 months of labor and we have to pay the mortgage payment those two months... could we take that in to account when applying for a loan and just add something like that to it? Thank you so much for your time... more

Resolved Question: which kind of loan should i go against a property...?

on revenue records my name is there ,but i m not legal heir ,so which loan=renovation/something else more

Resolved Question: what is wrong with the health care in mon county west va?

Whatâ€™s wrong with this picture? On June 19, 2005, the Board of Directors of Monongalia Health System approved proceeding with the Detailed Design Development stage of the hospital's Master Facility Plan. This approval put Mon General Hospital on target to begin site preparation this fall for its $82 million expansion and renovation project. Since then many people like myself has entered Monongalia Generals doors without any insurance or health care . I entered for chest pains and initially had, approximately $16000.00 worth of medical bills . Later on that year I suffered from migraines and another $ 1600.00 in bills were occurred. I went thru Monongalia Generals steps for medical assistance which was losing a days work to go into the Health department where upon entry I was immediately deigned any assistance due to income level was too high. I then took the denial letter in to Monongalia general to be able to fill out their application upon doing so I was rejected due to my income level . So here I am deeply indebted to Monongalia General and wanting to set up a payment plan . They state is there any way you can get a loan or pay the whole amount then we can give you the insurance rate. By now, being new to this I am confused and scratching my head insurance rate, my rate , whatâ€™s the difference. I find out but am still confused. So then they ask me to pay $ 150.00 per month , and are very persistent about it . Till this day I pay what I can I make my payment it might be $100 .00 one month it might be ten the next . I suffer from migraines still but have now started to seek treatment from Ruby memorial hospital whom by the way has accepted me fully into their charity care program under the same income which I am not eligible for anything from Monongalia General Hospital . So I ask what is wrong with this picture. They spend 82 million to renovate their facility but they want to rake each and every person over the coals to earn the money to pay for the upgrades or is it they are to busy upgrading to help the taxpayers whom are actually helping to renovate their facility or what .I am just confused about the practices of this Hospital shouldnâ€™t we all be. SINCERELY YOURS A CONCERNED CITIZEN more

Resolved Question: what is wrong with this picture?

Resolved Question: How long can a bank owned foreclosure last on the market in maryland right now at the beginning of winter?

It is close to Washington dc for less than 50K, SFH, as is, needs major fixes, they are offering it for a renovation loan or a cash deal more

Resolved Question: Is it possible, as a first time home buyer, to get a home loan and have money left over for renovations?

For example: Can I take out a loan for $100,000 but buy a house for $90,000 and use the rest for renovations? If not, what options do I have to immediately make renovations to my home? more

Resolved Question: a clerk take a renovation of $42,000 for a period of 5 years....?

a)if a finance company charges a simple interest at a rate of 3% p.a., calculate (i) the interest charged (ii) the monthly repayment b) if she takes a loan from the government which charges an interest of 4% p.a. on a monthly basis, calculate (i)the monthly repayment (ii)the total interest charged c) calculate the amount of money the clerk will save if she borrows from the government please explian idk.... thanks a million. more

Resolved Question: I just bought my home in May 2008 and I need a loan for home renovations? But I am in unemployed at the moment?

Where could I go to get a Loan for like $5000?? more

Resolved Question: Trying to create a plan (post mortgage crisis) to buy a duplex as our primary residence & keeping rental prop?

We now live in a two bedroom apt of a quadplex, which I bought back in March and I can see us living here for another year or two but long term we're gonna definitely need more space. Our 16 month old son lives in our room, and itâ€™s getting cramped not to mention weâ€™d like to have another child at some point. I've been looking at duplexes for sale in the area (WI) and for around $140,000 it seems like itâ€™s possible to get something that would fit our needs. So what Iâ€™m asking is for you to read on, and help me figure out if this is even possible (even if itâ€™s a long shot) and then tell me in your experience what the best order of planning should be. I was originally going to renovate the attic of our quadplex to provide more space for us, but Iâ€™m glad I waited on that idea because that renovation cost would be better spend on a down payment of a duplex for us. Reason being it would keep us on the ground floor, get us living away from the rental property, and be a much better long term investment. A little background on us (scroll to very bottom for the exact questions): I am self employed full time, and after expenses earn roughly $2500 a month, I could work a little more and earn a bit more if neededfor a while but I have a good balance as it is now so would rather not unless I had to (probably could earn $400-500 more a month if needed). I also work at a high school part time under a yearly contract and that brings in roughly an additional $350 a month. I also have a third job now, as property manager for the other three tenants, and earn a small amount from that in addition to having free rent and the mortgage completely covered. Right now, the other three tenants basically pay off the entire mortgage and we're turning a small profit as it is. I was a little worried about the market and keeping the places rented with good people (remember, we live here), but I've been learning a lot, getting my act together, and renovating the units a bit with good results â€“ so I've gained a lot of confidence that this won't be an issue (also prior landlord never had a vacancy in nine years). The rents are set lower than market rate right now, and I recently rented out a two bedroom for about 20% more than it was going for and it is still priced at or just under current market rates. I plan to continue renovations on the other apartments and the total amount of rent for all four units afterwards is anticipated at $1825 a month. To be conservative, lets say I want to keep them cheaper and lower each $25 a month so we're looking at $1725 a month is a good estimate of what I could expect to bring in and with a mortgage payment of $1035 (including tax/ ins escarow, no pmi have 20% down) that means I should be able to expect a monthly income of roughly $700 and that's definitely at renting at below market rate so I know I'll be able to attract quality tenants and already have. THIS NUMBER IS IF WE WERE TO RENT OUT THE APT WE NOW CURRENTLY RESIDE IN, but hopefully it is the number the mortgage originator would be able to use since that money would be coming in as soon as we moved. So the numbers with those details add up to my personal income being 2850 / month = (1500+350) and additional income from the house being $700 a month, bumping my actual income level to $3550 (2850 + 700). As I said, we are looking to move into a duplex, so there would also be rental income available there, likely amount being anywhere from $450-$700 from the duplexes that I've seen in the $140,000 range around our area. That would bring my total income to $4000 (3550 + 450) a month in the low range being conservative. I realize I don't make a lot of money, but we need more space, and to be able to make this happen I need to plan for the future to and find out: 1) how much at minimum I need to save up for a down payment for us to move asap. I know 20% down is best so you avoid pmi, but thatâ€™s simply not an option for us right now as I just invested all my savings into the quadplex rental property. I know there used to be 3% down, 5% down, and 10% down loans available but I also know the mortgage industry has tightened up a lot. I know if we can get into a duplex soon, weâ€™d have no problem saving and making extra payments on the mortgage to get the second one payed off to 20% within a few years. And I have seen a few listed in favorable neighborhoods that would be easy to rent (colleges, hospitals, nice area, etc), seems like as much of a buyers market as Iâ€™ve ever seen. 2) check the lenders rules on what they'll consider for my income (I remember they first said only 75% of the rent could be used, then later said they would make an exception considering my situation where I provided them past leases and aggreements for future tenants and in the end considered 85% I believe). Obviously they didn't include the income from the place we now live, but I hope that they would then consider the 4th apartment income in the qua more

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