• By loanmasterone, June 18, 2010 @ 3:14 pm The best way to accomplish what you are attempting is to purchase a 1-4 unit complex. You should live in one and rent the other two. This can also be done on a smaller scale with a duplex. Purchasing a duplex or 1-4 units is considered the same as purchasing a single family home. You will get a lower interest rate since this will be your home and the tax write off on the other 3 units as rentals. Please consult your tax consultant about any tax related items, as well as your attorney about any legal related matters. You might be qualified for first time home owners assistance through your city for the purchase of a duplex or 1-4 units. There are FHA loans available to these type proprieties also that you could qualify for. FHA has loans for as little as 3% down. After you have done this for 2-3 times you will have rental properties with low interest rates and tenants to pay the mortgage. Then you might consider moving into your single family home. You should look in your local papers for properties that have distress sales, foreclosures and other type properties for bargains. Look carefully they are there. In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate. The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase. When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started. #1 One month of pay stubs for each person that will be on the mortgage. #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment. #3 Two years of federal income tax along with the W-2 that match. Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased. Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral. Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments. If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan. You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once. Make sure your mortgage broker explain all your options so you may make an intelligent decision. What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else. So select the best option for you and your financial situation. You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment. Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value. The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed. After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home. Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you. I hope this has been of some use to you, good luck “FIGHT ON”

• By lonnie w, June 18, 2010 @ 3:47 pm Go to Click on the link at the banner at the top that reads purchase. Then look for a link that reads REO. This is the REo screens of all bank forclosed properties. It can be sorted by state. In Illinois, then you can see the property types srf, condo, 2-4 units. Look for a good 2-4 unit. You are best finding a 2 unit that will be the easiest to get financing for. You should live there for a little bit in order to buy the property owner occupied and so you can get the best rate. I hope that this helps but check out the website.

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