Such a cheap island!!?
http://www.fusedworld.com/Real_Estate/No...Answers: You only grasp 16,000 sq ft not the entire island for 1.5 million
1 acre = 43,560 square foot
so the page says the lot size is 16,000. Think in the region of that. The lot size you get isnt even an acre. If I be to buy an island I would def want more then that. 16,000 is individual a little more after 1/3 of an acre.
Is pmi required on a 203k loan if borrowing less than 80% of the home value?
Answers: If buying a house and you put 20% down then you will have no pmi. If refinancing and the new loan amount is 80% or less LTV (loan to value), then you will have no pmi. However, and this is the tricky part. If you buy a home and say put 10% of purchase price down, then you will have pmi at the 90% LTV bracket regardless of what the house appraises for. This is why some people that buy a home and got a really good deal on it, will refinance quickly after the purchase transaction to drop the pmi since they didn't put 20% down at purchase, but yet they are technically at 80% or less LTV (loan to value).
Be very careful with doing a 203K loan and if your loan officer has never helped someone work through one before, then find someone else in the office that has.
Here is why..
FHA 203K loans have alot of restrictions on building materials used (that have to be FHA approved) and the contractors that you use, more inspections than usual, etc.
Be sure you THOROUGHLY understand the implications before you start the project.
Attorney's tax at closing..Do they represent me?
I am closing Jan 31st. I see on the GFE there is an Attorney charge. Who will this Attorney represent? should I have my own here in attachment? Thanks again for the info!Answers: GO TO THE SOURCE. You should ask the agency that is charging you the attorney tax. If you do not receive a satisfactory answer from them, find the attorney's name and headset number. Then call the attorney and bring the information that you need. The attorney must disclose to you the work to be perform, the amount of time to be incurred, and the amount per hour for the attorney fee.
Yes, you should own an attorney. There a tons of attorneys who do nothing but represent buyers.