My husband and I have had our house since June of 2008. We need to relocate and worry about selling our first house.

Question #1—How do capital gains work? Our purchase price was $ 80,000. Which, was a seemed like a steal (2 acres, 3 outbuildings, 3-4 bedroom farmhouse). Since we’ve bought it we’ve put $ 20,000-$ 25,000 in it. I’ve figured I need about $ 115,000 to break even (home equity loan, pay off original mortgage, and home improvements). I won’t be upset if I make a profit, but will try to make one none the less. I plan to list at $ 135,000. If I make a profit how much am I looking at in taxes? Is this going to be a big hit?

Question #2—Everyone tells us we should check out the USDA Rural Development Loan. I’ve been on the government website and my husband and I qualify financially. Also, according to the map it looks like the area qualifies too. Is it that easy? Is this only for first time home buyers? We had help purchasing our first home from some inheritance. I worry that the money won’t be there this time; especially since there’s no telling when we’ll sell our first house. What are the benefits to this USDA loan? Their website won’t tell me anything! Anyone have any personal insight?

Thanks!

 

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Have always been ready on time, on our next house and we had to make our mortgage costs to renovate, what is the correct terminology for this part. How do we deal with the fact that the demand for payment. Is this still possible.

 

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in former years–since the legislation was developed during the Clinton administration. Or was that an effort of the mafia?

 

whats is the interest rates on usda loans in iowa what interest rate to expect with RD loan

 

I need to refinance my home at 7% with some cash out for repairs and updating. I am shopping around for the best deal.

 

I read that for a rural housing development mortgage you can only borrow what the home ‘assessed’ value is. I live in a state where homes are assessed quite a bit less than the actual “market” value for property tax purposes. There is a significant difference between market value and assessed. Will I not be [...]

 

alot of mortgage companies offer payment deferments to the end of the mortgage loans to allow clients to catch back up on behind payments or keep from foreclosing. My sister has this loan and has had terrible problems with her income and is behind 6 months. they say that she is in foreclosure but the [...]

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