Finances Archive

13 Real Estate Answers

 

What counts as a primary residence?

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When purchasing certain types of government property (e.g. HUD, Fannie Mae), the contract might ask if you’re purchasing as a primary residence or not. If you’re purchasing this property for the purpose of renting, flipping, or even buying it so someone else (e.g. parent) can live there, it’s not considered your primary residence. If you […]

Do I have to pay PMI/MIP?

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Most financing types require paying Private Mortgage Insurance (PMI) if you don’t put down at least 20% — in other words if the lender is financing over 80% of the purchase. FHA financing calls it Mortgage Insurance Premium (MIP), but it’s the same concept.

Do you work with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?

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We understand the nuances of many types of financing, including 80/20 conventional mortgages, piggyback and second mortgages, government-guaranteed and government-funded mortgages, rehab/fixer-upper financing, and more. The more information you share with us about your background and goals, the better we can advise you. You may not even know about some loan programs for which you […]