b)It’s a write-off.

c)The money spent, goes towards improving home, and thus, adds to overall value of your estate.

4.Equity Lines of Credit:

It’s always good to plan for emergencies.

a)An Equity Line of Credit can provide you with security you need to ensure that you’ll always have liquid assets around, should you need them.

b)This is much more effective than having a large amount of money sitting in a low to no interest bearing savings account in your local bank. Open an equity line of credit, and go invest that money so that it is working for you.

c)It’s also harmless, free, and usually tax-deductible should need arise to use it.

d)Just keep in mind importance of discipline. Don’t use it, unless it’s absolutely necessary.

5.Other:

A word of caution: I’m not advocating that you jump in to uncharted waters, or freely spend hard earned equity that you’ve so diligently been building.

a)But it is your equity. You can save it, consolidate with it, spend with it, and use it to invest in other properties, other businesses, other ventures.

b)So your equity is like your own personal bank. It requires no applications, no processing procedures, and no approvals by board of directors. It requires none of that, because it is yours. You own it.

c)But just keep in mind, that you have equity because of diligence, intelligence, wisdom, and discipline. You’ve grown it, and now that you have it, another word of caution: Don’t waste it frivolously.

Be good to your equity, and it will be good to you.

We’ve enjoyed providing this information to you, and we wish you best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

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The good thing about FHA mortgages is that almost anyone can get it. So if you have a satisfactory credit record, enough cash to close loan and sufficient steady income to make monthly mortgage payments without difficulty, then you'll have no trouble getting approved for an FHA mortgage. As a rule of thumb, only people who will reside in property are eligible for FHA-insured mortgages.

There is no upper age limit set by HUD for borrower. Nor is there a certain income level that borrower must achieve in order to buy a home at a certain price. And although income is certainly an important factor, it is simply one of several determining factors which are used by HUD to find whether borrower will be able to repay mortgage.

Types of FHA Mortgages

There are several types of mortgages that FHA insures. These include:

• One-family residence
• Two-, three-, four-unit properties
• Condominium units
• Houses needing rehabilitation

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