All Business asked:


I bought a “fixer upper” house 2-1/2 years ago for $60,000. I put $20,000 into it using various credit cards with 0% intro rates that are or about to run out. Meaning I will be paying a lot of interest if I dont do something in the next few months. The house now appraises at $145,000 so thats a potential profit of $65,000 that I can make. Plus I wont have to pay any capital gains on my profit because it was my primary residence for 2+ years. I am also on a 5/1 ARM loan because of the fact that I did not plan on living in this area that long.

I wouldnt mind staying in the house but I want to buy another property to rent out but dont have any additional funds to do so. Do you think it is better to sell of this house and pay off the debts and start with a clean slate? Refinance and pay off the credit cards and make a down payment on a rental house? or get a line of credit to pay off credit cards and make a down payment on a rental house?

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Stephen T asked:


I’m not low income, just looking to buy my first home. Are there any options from HUD or whatnot for low-interest loans for first-time buyers?

I’m pre-approved for 150,000 and have 30,000 for a down payment saved - but is there anything better since this is my first time?

Thanks.

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Jeremy B asked:


I got a great deal on a house which I think I bought below market value. I only put 5% down. Since then, I’ve put in central air and heating (the house did not have AC before and it had radiator heat). I also pulled out the ugly carpet revealing the hardwood floor. I re-did the plumbing, and generally cleaned up the house. It looks much better than it did when I bought it. Also, the neighborhood looks a lot nicer than it did when I bought.

Anyway, that’s not my point. My point is I plan to do several other projects, and I want to take out a home equity loan. Is there a way the bank will give the loan considering what the value of the house will be when the improvement projects are done? I live in a neighborhood in Washington, DC where prices are not decreasing and are actually going up still.

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speed100100 asked:


I found some answers here,but…….

http://www.referralsworld.com

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huggybearspartan asked:


Ok, when you get a home loan for let’s say $100,000 and you buy a house for only $80,000, what happens to the $20,000 you didn’t use? Can you use it to renovate your house or what?

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Brian E asked:


i was unemployed for 15 months and a friend loaned me 10000.00 to keep me going . I am back at work but i need to pay back this debt and now my credit ***** because both my wife and i were unemployed. Our credit cards got behind but we were able to keep the house up and our carnote current and we are both back at work but now my friend is having rough times and needs the money fast. Do any of yall see any alternitives since my parents are unable to help and i am scared to borrow against my house. my interest rate is 6% on my house and if i refianance i was told it could go up to 10 to 18 %

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roman_eagle_ma asked:


are no income verification loans, still beig offered for home mortgages? or have they tighted that option up?

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