Roxie Mae asked:


We are in the process of assuming the home we have been renting for 3 years (we have paid the mortgage for 3 years). When we assume the loan the house and existing loan will be in our names. We have never owned a home before so do/will we qualify for the 2009 tax credit?

Steve

jaysinrd asked:


I am buying a home and its with an FHA loan. The monthly payments will be easy for me to pay but I think I can rent it out for way more then the mortgage payments. So I am thinking about renting it but under FHA loans its supposed to be owner occupied. Do they come and check up on you, will they ever even know or find out? What really can they do if I am making all the monthly payments?

Catherine

Katie asked:


I’m currently active duty, and had a preexisting mortgage and home equity loan before joining. I recently got pcs orders to my duty station which is four hours away. So I can’t live in my home anymore. In addition I’ve had my home for sale for a year and a half, no luck. We have also had no luck renting the home. These problems are due mostly to Michigan’s failing economy. I won’t be able to afford paying for my home, and a home near my workplace. But my question is how can the Act help me so that I can keep my house, good credit, and bring my family to live near my duty station so we can live together? Any understanding of this Act is appreiciated.

Catherine