Comments for Florida Home Equity Loan

Comment on If I’m buying another home in a different state can I refinance or use my homes equity to buy the other home? by usmaleinfl

usmaleinfl — Mon, 25 Jul 2011 22:00:41 +0000

You can use the equity. Foreclosures in Florida at this time offer some really great buys. Interest rates are very low. Being an absent landlord is really difficult, I would suggest that you hire a rental manager. They can really help keep the 2 units rented. They conduct background checks and have rental contracts to protect you and your property. I would be happy to recommend an rental agent.

Comment on If I’m buying another home in a different state can I refinance or use my homes equity to buy the other home? by bizatch2000

bizatch2000 — Mon, 25 Jul 2011 21:19:50 +0000

1. Yes you can use a home equity for anything you want.
2. You only lose your homes if you don’t make payments, don’t buy two if you can’t afford to cover periods of tenant non-payments and unexpected expenses.
3. Once you have a mortgage a bankruptcy does not change the terms and why file bankruptcy ever? You would be foreclosed on instead without needing bankruptcy.
4. Bad economy is good for rental properties, good economy and everyone buys homes (eventually). You only need two good tenants, hire a solid reputable property management company and factor their costs into your expenses. It’s not as if you are trying to fill a large complex.
5. FYI, you only need 3% down to buy a home in general. 0% in USDA rural areas. Also, Florida property is among the greatest buys right now. Don’t ravish your home equity if you don’t need to. Just open a HELOC (ask a mortgage person) and use what you need to put down a down payment and sit on the rest for emergencies (nonpaying tenants…etc.)

Comment on If I’m buying another home in a different state can I refinance or use my homes equity to buy the other home? by 9 daughters

9 daughters — Mon, 25 Jul 2011 20:40:08 +0000

You can certainly do that but one of the conditions of most refinances is that you still have to live in the home.

In a worst case scenario and you lose the old home it shouldn’t affect your new home, assuming you can still make the payments on the new home. In other words, if one of your homes goes into foreclosure they can’t take the other home too. It doesn’t work that way. The only way you’d lose both homes is to default on both loans.

Comment on Q&A: Are interests from a loan to update a roof tax deductible? by STEVEN F

STEVEN F — Sun, 24 Jul 2011 09:18:59 +0000

The use of the money is not the determining factor. Interest on a home equity loan is deductible even if the money is used for a vacation. The deciding factor is that the loan is secured by your home. There are limits if your total loans is greater than $ 1 million, or if more than $ 100,000 is used for something other than buying, building, or improving your home. Unless you have a very expensive home, I doubt the limits apply.

Comment on Q&A: Are interests from a loan to update a roof tax deductible? by momzadork

momzadork — Sun, 24 Jul 2011 09:11:47 +0000

What about the energy efficient home credit? I don’t know if putting a roof on is a qualified energy efficient credit but, worth looking into.

Comment on Q&A: Are interests from a loan to update a roof tax deductible? by Wood Smoke

Wood Smoke — Sun, 24 Jul 2011 08:44:38 +0000

http://www.irs.gov/publications/p936/ar02.html#d0e824

scroll down the page until you see writing.

hope this helps

good luck & bless

Comment on Q&A: “Can I have my mom, add my name to her deed, so I can get an equity loan to move her to Florida? by mallstra

mallstra — Sat, 23 Jul 2011 09:14:57 +0000

Sell her house and use the money to help take care of her.

Comment on Q&A: “Can I have my mom, add my name to her deed, so I can get an equity loan to move her to Florida? by cork

cork — Sat, 23 Jul 2011 08:39:52 +0000

SELL THE HOME THEN.

Comment on What are our home loan options? by Kirill

Kirill — Fri, 22 Jul 2011 08:48:59 +0000

The person you are talking to is neither a loan officer or a mortgage broker, she is technically a “hard money lending associate,” which is a euphemism for “loan shark.”

There is no reason anyone has to pay twenty points in a post-Obama market. It sounds like you and your husband have less than perfect credit and/or other loan obligations which are most likely predicated in economic hardship.

That makes you two prime recipients for a number of government aid programs.

Such as: 1) FHA-insurance. The FHA regularly insures loans for people in a certain income range that can demonstrate financial hardship. The FHA loans have rates as low as three and a half points (quite a bit better than that twenty percent, right?)

2) HUD homes. You probably heard of these, and they are not all that nice- but they are CHEAP. And a lot better than renting. The upside of these houses is that the FHA is a lot more likely to give you a loan if you try to buy a HUD house because the HUD has to get these homes off of their hands, they are just wasted assets sitting on their books that need to be moved. If you want the cheapest option, go HUD with an FHA-insured loan.

3) Local down payment assistance. I know for a fact that Dade County, Broward County, and Alachua county have local down payment assistance programs. These are Federally funded stimulus bonds that must be spent every year or they are lost.

There is no reason why your parents cannot co-sign a loan if they are willing to put up their credit for you. As mentioned before, the reason your “loan officer” is telling you otherwise, is because she is not, in fact, a loan officer, but a hard money lender…and sounds like she is pursuing predatory lending practices.

Comment on Can they foreclose if I only default on my home equity loan, not my first or second mortgage? by Pengy

Pengy — Thu, 21 Jul 2011 21:58:37 +0000

Any of the afore mentioned can foreclose on you, the home is the collateral