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Subject: persfin-digest V4 #7
Date: Mon, 17 Mar 1997 21:07:29 -0500 (EST)
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persfin-digest Monday, March 17 1997 Volume 04 : Number 007
IN THIS ISSUE:
ADVERTISEMENT: MCI CONNECT FOR CC:MAIL
Tax deduction for modifcations to house for handicapped?
Re: Long Distance Divorce - Get Power Of Attorney
Aruba and the Real Purpose of Persfin-Digest
Storage, Zip, and other strange disks..
Re: Long Distance Divorce
Vacation Bargains - Try Last Minute Travel or Galaxy Travel (Boston)
Re: Zip and Jaz drives
Re: Personal & business computer outlays vs. the technology edge
Re: Zip Drives vs. LapLink
IRS Auto Cost Deduction
Sale of Stock Directly
What do I do if I have contributed more to my 403(b) than allowed?
Homeowners' Insurance Dilemma
Social Security/Medi-Care & Marriage
Annual letter from Buffett on the Web
Re:3M 120 disk drives and Tax ploys
Report Business Closing on Schedule C?
Re: FHA Mortgage
90% Return On Investment?
Re: FHA mortgage question
401K rollover into IRA?
Investing in Diamonds?
Re: Short Egghead, Don't Short CompUSA
Has anyone heard of American Business Alliance long distance service?
UITs?
Re: FHA Mortgage Question?
====================================================================
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Date: Mon, 17 Mar 1997 20:38:49 -0500 (EST)
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------------------------------
Date: Mon, 17 Mar 1997 20:41:27 -0500 (EST)
From: F Bennett <fred@oba.bih.harvard.edu>
Subject: Tax deduction for modifcations to house for handicapped?
I have a question I hope is appropriate.
I have a 12 yr old son in a wheelchair. We have an old house. When we
moved in my son was about 1 so he slept up stairs. For the last 4 years
he has been sleeping in what was our living room since we could not carry
him upstairs anymore. We finally put on an addition which includes a
bedroom for him, an accessible bath off his room,( even though there is
already a full bath onthe first floor but was not accessible), a family
room, and a wheelchair ramp to the new entrance. Is any of this
deductible from federal Income tax?
Thanks for your time
Fred
------------------------------
Date: Mon, 17 Mar 1997 20:42:10 -0500 (EST)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Re: Long Distance Divorce - Get Power Of Attorney
[Disclaimer. I am not an expert in this area.]
Sue gives along description of her aunt's problmes involving divorce,
alzheimers, and debt.
> Questions:
> -Help! what should we do?
> -Are there any women's resource center type places in MA that
> could help us sort this out?
> -If we convince my aunt to get a lawyer, do we get her one in MA
> or CA? How do we go about doing finding a lawyer?
The first thing you should do is get a power of attorney for
your aunt's affairs. From your description, it sounds as if she may
have trouble understanding her own situation. If you have a power of
attorney, than you can try to solve her problems more easily. I think
there are 2 kinds of POA, one for financial affairs, and one for
medical affairs. The lawyer you go to to to get the POA should be able
to explain it all to you correctly.
As for the rest of it, I really don't know.
-David Martin
------------------------------
Date: Mon, 17 Mar 1997 20:45:18 -0500 (EST)
From: Laura <laurar@chesco.com>
Subject: Aruba and the Real Purpose of Persfin-Digest
Ira wrote:
>Since this is a magazine concerned with saving money, if you'd like the
It is?? Gee, I thought it was about making enough money so that you could
blow some of it in Aruba! ;-)
(Editor's Comment - Just about anyone who reads this magazine should be
able to save enough in 1 year to pay for an Aruba vacation. Assume for
the sake of argument that it costs $1,500. Have any readers have saved
this much using the advice found in this magazine? -IK)
------------------------------
Date: Mon, 17 Mar 1997 20:46:03 -0500 (EST)
From: "Bikram Day (dayb@ohsu.edu)" <dayb@ohsu.EDU>
Subject: Storage, Zip, and other strange disks..
Well, I thought that I might add something to the discussion on zip
drives and data transfer between two computers over cables.
There is an old anecdote regarding high speed networks in computer science-
"Never underestimate the bandwidth of a station-wagon filled with
computer tapes (Disks, CD-roms today) hurtling down the highway"
- -- you may do your own math to figure out how many Gigabit fiber-optic
networks that is equal to.. ;)
And for those thinking of investing on Zip drives, I saw an ad in Byte
for a new floppy replacement that some of the biggies in the media market
are pushing: It is called LS120 - a 120 MB disk which has the same form
factor as a 3-1/2 inch floppy, and guess what? - the drives can read the
normal 1.44M floppies as well. [the companies involved are Exabyte, Compaq,
3M, Maxell, Mitsubishi, Panasonic, etc.- of course, I am not employed by
any of them ;) ] they also have a web site (which I have not visited) at
www.LS120.com. So what do you think? Is Iomega's Zip heading for the grave?
Bikram Day
dayb@ohsu.edu
------------------------------
Date: Mon, 17 Mar 1997 20:46:42 -0500 (EST)
From: Stephan Iscoe <siscoe@worldnet.att.net>
Subject: Re: Long Distance Divorce
I can't speak to the specifics for your aunt but from my
(unhappy) experience it worked out best to hire a lawyer
associated with a big practice that can afford to
handle the case with a small retainer upfront and the balance
(quite likely a lot) due on property settlement or some other cashflow
milestone.
Your aunt is lucky to have your support,
Steph
- --
Resources for Artists, Writers & Performers
at http://members.tripod.com/~RoundWorld
- --
------------------------------
Date: Mon, 17 Mar 1997 20:50:04 -0500 (EST)
From: Jim & Sue Richmond <richmond@nh.ultranet.com>
Subject: Vacation Bargains - Try Last Minute Travel or Galaxy Travel (Boston)
Ira,
Glad to hear you had a nice trip to Aruba. I've never been,
but I have been to a few other carib. destinations. Each time I've
booked through Filene's Basement's Last Minute Travel (out of Boston).
They seem to have the best prices from what I've found.
It doesn't have to be last minute although you can get some
amazing deals that way. My wife and I booked a 7 night trip one
November to St. Marten on the night before departure for $450 pp
including air, transfers, and hotel. The trip retailed for $999
and it was fantastic. We haven't been able to get that good of a
deal since, but you can depend on about 15 to 25 percent off list
(they usually have GWV and TNT packages). We're heading to Bonaire
in a couple of weeks for $800 pp. This package is for a 5 star
hotel and it retails for $1249 in GWV's catalog.
If you want the best airfare on international destinations,
then consolidators are the way to go. Paris for $450 rt. Italy
for $550 rt, St. Petersburg Russia for $650 rt. These are trips
I've taken in the past few years and they were great. If you
use a bargain hotel guide you can have an exotic trip for not
that much money. Now if I could only get more time off work!
To find a consolidator, try to get a recomendation. There may be
some shady operators. I've used Galaxy Travel (617-734-2400) in
the Boston area several times and haven't had a problem (thanks Boris).
The web has a couple of online consolidators where you can check fares
and availability. The URL is below but I've never done business with
them. If it works out for anyone, please post to the digest. It would
be really convenient to eliminate the middleman in travel planning.
http://www-cgi.cs.cmu.edu/afs/cs.cmu.edu/user/mkant
/public/travel/html/online.html
------------------------------
Date: Mon, 17 Mar 1997 20:50:38 -0500 (EST)
From: fp10@cornell.edu
Subject: Re: Zip and Jaz drives
"Smiley, Charlie/ATL" <csmiley@CH2M.com> said
> I believe the Zip Drives are more practical than a package like Laplink.
> They come in 100MB(Zip) and 1GB(Jaz) sizes. That is plenty to copy
> files from one machine, Swap the drive to the other machine and then
> copy onto the other machine. In addition, they are small and portable.
Just as a clarification, the Jaz drive is NOT a larger size of Zip drive.
It's more of a removable hard drive.
- -Francesca
------------------------------
Date: Mon, 17 Mar 1997 20:51:46 -0500 (EST)
From: johnel@ix.netcom.com
Subject: Re: Personal & business computer outlays vs. the technology edge
As Michael Kurela concurred, one must consider one's needs in order to shop
intelligently. My post advised staying behind the technology curve when buying
a personal PC in order to reduce costs. He differed in his advice, urging the
use of state-of-the-art equipment, and stated good reasons for doing so.
We differed in our approaches, but I see consensus in our differing opinions.
That agreement is in knowing the needs and uses, and addressing that need.
If you need a certain degree of speed to maintain the best pace for your
purposes, by all means, get the higher horsepower. My perception of the
original question was that an individual wanted input on how to shop for a PC
for home use, word processing, spreadsheets, financial software, etc, the need
being to get enough hardware to do the job without spending a big chunk of
change.
Being the tightwad, er, *thrifty* person that I am, I approached the question
from my own perspective of spending one's own money as wisely as possible,
considering the finite nature of personal resources.
In a pure business environment, where the time = money equation is more
critical, factoring in morale as well as productivity, coupled with being able
to use OPM (Other People's Money) to do the purchasing, I'd agree: Go for it!
(With one important proviso: always make sure the expense is justifiable, even
when using OPM)
John Leipold
>From: Michael E Kurela <mk87+@andrew.cmu.edu>
>Subject: Re: Buying the Latest Technology Builds Company Morale
>>Sure, a faster computer might be more fun, but then again, so would a
faster car.
>One should not disregard the additional productivity brought about by
the increase in morale by getting new equipment.
I need a company car, say, maybe a Viper!!
------------------------------
Date: Mon, 17 Mar 1997 20:52:16 -0500 (EST)
From: bonsai@world.std.com
Subject: Re: Zip Drives vs. LapLink
On Fri, 14 Mar "Smiley, Charlie/ATL" wrote:
>
>I believe the Zip Drives are more practical than a package like Laplink.
> They come in 100MB(Zip) and 1GB(Jaz) sizes. That is plenty to copy
>files from one machine, Swap the drive to the other machine and then
>copy onto the other machine. In addition, they are small and portable.
I know thousands upon thousands of people love Zip and Jazz drives and have
no problems whatsoever with them. But having just had a nightmare
experience with Iomega, I feel the need to at least mention a caveat:
they're great if they work, but if they don't, be prepared for major
frustration!
I work for a college OIT department and a few months ago we purchased 10
Zip drives. Three arrived DOA. We have spent over *5 hours* on the phone to
Iomega (mostly on hold, mostly to 801 -- toll -- numbers) and, even AFTER
Iomega is satisfied that each of the three drives is in fact defective, we
are still awaiting resolution.
BUT, as I said at the outset, when they work, they *are* great. So, a word
of advice: if you decide to buy a Zip or Jazz drive, make sure you purchase
it from a dealer who will take returns on defective merchandise! For the
sake of your own sanity, don't but Iomega direct, or from a dealer who
requires you to deal directly with Iomega for returns!
Bonnie
------------------------------
Date: Mon, 17 Mar 1997 20:52:53 -0500 (EST)
From: "Chris Noto" <cnoto@freenet.tlh.fl.us>
Subject: IRS Auto Cost Deduction
I have a friend who is a salesman who puts 60,000 miles per year on his
car. His employer pays a $180 per week allowance for all auto costs. A
little quick calculation revealed an almost $10,000 unreimbursed expense,
if you calculate at $.31 per mile.
60,000 miles * $.31/mile $18,600 "cost" -
- ($180/wk * 50 weeks) $9000 auto allowance
= $9,600 unreimbursed expense???
Does anyone actually know if the IRS will allow my friend to deduct this
amount?
Chris Noto (cnoto@freenet.tlh.fl.us)
Sweetwater, Tennessee, USA
------------------------------
Date: Mon, 17 Mar 1997 20:53:45 -0500 (EST)
From: "Jackson, Anthony D." <JacksAD1@central.ssd.jhuapl.edu>
Subject: Sale of Stock Directly
Steve wrote:
>Subject: Any Companies Sell One Share Of Stock Directly to an
Individual?
Does a list exist of companies that will sell just 1 share of stock
directly to an individual? I know there are companies that will sell
shares directly after an initial purchase through a broker.
Steve
- -----------------------------------------
Steve try this web site http://www.netstockdirect.com/ They can lead
you in the right direction.
"TJ"
jacksad1@jhuapl.edu
------------------------------
Date: Mon, 17 Mar 1997 20:54:06 -0500 (EST)
From: Qin Tang <qtang@orion.it.luc.edu>
Subject: What do I do if I have contributed more to my 403(b) than allowed?
I have contributed more than 20% of my salary to the current employer's
403 plan. It's possible that I'll change my job this year. Can I
contribute less to my new employer's 403 plan to make my total 403
contribution of the year within the limit or do I have to withdraw the
excess amount from the first 403 plan? If I have to withdraw, what
needs to be done? Thanks for your help.
Quin
qtang@orion.it.luc.edu
------------------------------
Date: Mon, 17 Mar 1997 20:54:51 -0500 (EST)
From: hartwig@gate.net (Bob Hartwig)
Subject: Homeowners' Insurance Dilemma
Here is my dilemma. I am interested to hear what other Persfinners would do
if given a similar situation.
I purchased a new home in 1994 in northern Broward County, Florida. Because
that was shortly after Hurricane Andrew, no insurance companies were willing
to write policies, so we, like hundreds of thousands of others, are stuck
with a one-size-fits-all policy from the Florida Joint Underwriting
Association (JUA). [There was no hurricane damage in my area.] The policies
provide generally inferior coverage compared to a tradition homeowners
policy and they are very expensive. In 1994 my annual premium was about
$750, now it's nearly $1300 and climbing. I've never filed a claim, my home
is up to the latest hurricane code, I'm well inland (10 miles), and not
located in a flood zone. [By the way, I do agree with the principle that I
should pay more given that I live in an area potentially disaster-prone area].
Premiums are so high in south FL that some competition is beginning to creep
back into the marketplace. I recently received the following solicitation
and I am wondering what proportion of Persfinners would accept the risk in
the following deal. Any other Persfinners in the same boat?
1. Policy to be written by General Star Insurance, a subsidiary of General
Reinsurance, a very large company.
2. General Star is rated A++ (the highest ranking) by A.M. Best (which
rates insurance cos.)
3. I will get more coverage for less money under the Gen Star policy (e.g.,
300K liability vs. 100K with the JUA plus a lot better replacement cost
coverage, broader coverage, etc). My policy will be about $950 vs. the
$1300 I'm paying now. A savings of $350. I also have deductible flexibility
that could decrease my premiums by even more.
Sound too good to be true? --Here are the catches:
1. 2% deductible for damages arising from a "windstorm" (I don't have any
problem with this).
2. The insurance company does not participate in the state's "guaranty
fund", which covers homeowners in the event their carrier goes under. This
means that if my home is destroyed **and** General Star goes under then I'll
be stuck with some fraction on the dollar after the carrier is liquidated.
In effect, I'll be stuck with a mortgage and no home.
I think scenario #2 is remote. Gen Star plans to write 17,000 policies
thoughout FL, 1200 in south FL. I've calculated that even if all 1200 homes
it insures in south FL are total losses--a virtual impossibility--(figuring
$250K per loss), the company's capital base is sufficient. Moreover, while
not obliged to do so, the parent company, General Re, could kick in some
money if necessary. Only about 16% of Gen Star's premiums are derived from
property insurance.
Would you accept the risk? The difference between the cost of the JUA and
Gen Star policies is likely to grow later this years. It's very tempting.
- --Bob in South Florida
------------------------------
Date: Mon, 17 Mar 1997 20:55:53 -0500 (EST)
From: "Mitchell, David D (d4dmitc)" <D4DMITC@msg.PacBell.COM>
Subject: Social Security/Medi-Care & Marriage
My grandmother is considering getting married. She has no income
outside of Soc Security, nor does her fiancee. Both are on medi-care &
medi-cal (state of California). Does anyone know what impact marriage
will have on S.S. income, as well as on medi-care/cal benefits?
Thanks,
Dave
Dave Mitchell
------------------------------
Date: Mon, 17 Mar 1997 20:56:42 -0500 (EST)
From: "Rich Carreiro" <rlcarr@bos.saic.com>
Subject: Annual letter from Buffett on the Web
For those looking for an interesting read, Berkshire-Hathaway has its annual
report online now, and Warren Buffet's letter to shareholders can be found at
http://www.berkshirehathaway.com/1996ar/1996.htm
[URL courtesy of RichBeau@tiac.net]
- --
Rich Carreiro rlcarr@bos.saic.com
Software Engineer (617)221-7607 (voice/voice mail)
SAIC (617)270-0063 (fax)
20 Mall Road, Suite 130
Burlington, MA 01803
------------------------------
Date: Mon, 17 Mar 1997 20:57:58 -0500 (EST)
From: Mark Coulter <coulter@mail.cosmosbbs.com>
Subject: Re:3M 120 disk drives and Tax ploys
Speaking of backups, has anyone used the new 120 meg units? They go
right in in place of the 3 1/2 and take either the 120 meg disks or the
HD 3 1/2 (backward compatable). Compaq was supposed to start installing
them as OEM but I haven't seen one yet.
Here's an interesting tax question I've never seen an answer to.
There are several companies that call their dividends a "return of
capital" which makes the dividends taxfree. Two of these are Star Gas
Partners (SGASZ) and Freeport-McMoran (FRP). Now the question. What if
a person held these companies long enough that the "return of capital"
equaled the cost of the shares? Would the cost basis now be zero? What
if you held them even longer? Going one step further, what if they were
held till the cost basis went negative and then were left to a
beneficiary at the holders death? Would the beneficiary get the stepped
up basis like any other stock? This could be a super estate planning
tool. Check it out, I'm no CPA! (Just a creative thinker).
Mark Coulter
------------------------------
Date: Mon, 17 Mar 1997 20:58:45 -0500 (EST)
From: yzheng@saturn.vcu.edu
Subject: Report Business Closing on Schedule C?
We tried a home based business and failed in 1996. Though we sold some of
our purchases, there is still plenty left which we don't think we would ever
sell any more. In a word, our profit is much less than the cost.
Therefore, I'd like to treat the leftover inventory as business loss.
However when filling Schedule C, I don't see anywhere I can fill in this.
In the section of cost of goods sold, it has lines for the inventory at the
start of the year, the purchases, and the inventory at the end of the year.
I can see this is ok for an on-going business year after year, the leftover
inventory is considered as next year's activity. But our business is
finished, there won't be "next year". How and where can we apply this loss
in the tax return?
To give an example in Schedule C:
inventory at the start of the year: 0
purchases: $5,000
inventory at the end of the year: $4,000
total cost: $1,000
gross receipts/sales: $500
Total profit/loss: -$500
However, this $500 loss is not my TRUE loss. My TRUE loss is $4,500 as we
will not continue this business any more. I can see the IRS argument that
the leftover inventory has potentials for profits. But what if they have
become garbage?
I will greatly appreciate if someone in this group can give me some advice
on what I should do.
Yan
------------------------------
Date: Mon, 17 Mar 1997 21:00:13 -0500 (EST)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: FHA Mortgage
>My son is considering a FHA mortgage as a first time home buyer.
>Are there any disadvantages to the purchaser.
YES. You can not drop mortgage insurance during the life of the loan.
> I know that there is a penalty if one sells the house within 10 years
<snip>
>Your comments appreciated. John
Unless there is a very recent FHA regulation, you can sell the home at any
time and pay off the loan with no penalty. A much better way to finance a
home is to get a 95 percent loan to value loan from a PRIVATE lender with
Private Mortgage Insurance (PMI). PMI can usually be cancelled after the
loan to value ratio is 80 percent. Check with mortgage brokers in your
area.
Do not let the word mortgage cause you confusion. In my state, California,
Trust Deeds have almost completely replaced mortgages as the security for
the home loan.
BOB FORD
------------------------------
Date: Mon, 17 Mar 1997 21:00:53 -0500 (EST)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: 90% Return On Investment?
Wally wrote
> Everyone thinks they have a 7or 8 percent loan & after a few years the
interest will >decrease but they should take a closer look. This 90%
interest has been going for over
>10 years & will be going on 10 years from now. So it's a GUARANTEED 90%
ROI and
>it is good for years.
>You can't get a guaranteed INVESTMENT like that.
Wally, as a mortgage investor, I can tell you that your last sentence is
right on the money.
BOB FORD
------------------------------
Date: Mon, 17 Mar 1997 21:01:20 -0500 (EST)
From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: Re: FHA mortgage question
>>Are there any disadvantages to the purchaser. I know that there is a
>>penalty if one sells the house within 10 years but not sure of any other
>>estrictions or things to take into consideration.
i just applied for a FHA loan myself but am not aware of any penalty if
i sell the house within 10 years. in fact, we are considering living
there for only 2-3 years. can you please give some details about the
penalty that you mention?
thanx, bip
------------------------------
Date: Mon, 17 Mar 1997 21:02:18 -0500 (EST)
From: "Michael P. Griffin" <mgriffin@ici.net>
Subject: 401K rollover into IRA?
Here's a question. If you have a 401K and terminate employment, you can
rollover the 401K into an IRA. That will avoid the 20% withholding and the
10% early disbursement penalty. However, can you then withdraw an annuity
(based on IRS life expectancies) and avoid the 10% penalty (pre- age 59
1/2)? I have read that in a few books on 401K but its not clear in all
literature that I have read.
Mike Griffin
Michael P. Griffin
UMASS DARTMOUTH
------------------------------
Date: Mon, 17 Mar 1997 21:02:58 -0500 (EST)
From: FW & SC <kafer@crl.com>
Subject: Investing in Diamonds?
What do people in Pers-Fin Land know about a scheme (scam??) for investing
in diamonds. A friend, who is gullible for "get-rich-schemes" told me a
little about this. Apparently solicitations come from Canada. Some sort of
investing account, like a mutual fund, is opened in Aruba. Someone buys
diamonds for the fund and each investors owns a proportionate share.
There's also some kind of investors meeting held in Aruba.
Who knows what about this?
Frank
------------------------------
Date: Mon, 17 Mar 1997 21:03:39 -0500 (EST)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Re: Short Egghead, Don't Short CompUSA
Yes, go and short Egghead, but don't short CompUSA!
You cannot download a new hardware, IRA!!! You still need CompUSA in one
way or other!
- --
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
------------------------------
Date: Mon, 17 Mar 1997 21:04:32 -0500 (EST)
From: "Al Kondo" <alkon@hal-pc.org>
Subject: Has anyone heard of American Business Alliance long distance service?
I have recently been bombarded by American Business Alliance telephone
solicitors trying to get me to buy their long distance services. They
claim to offer rates 40% off of AT&T rates. They claim to have no
monthly fees and that they can guarantee the 40% off AT&T. Has anyone
heard of them and what do you think??
Al Kondo
------------------------------
Date: Mon, 17 Mar 1997 21:04:49 -0500 (EST)
From: kmeinken@one.net
Subject: UITs?
R. Wall asks if UITs are good investments. Really, UITs are a class
unto themselves, some are good, some are bad, just like some mutual
funds are good, some are bad.
Generally a UIT holds fixed securities (although some hold coins,
artwork, etc.) for a certain period. That tends to cut down the turn
over and trading costs and gives you a more predictable return when
the UIT is holding bonds until expiration. Other UITs hold stocks
for a certain period. I think the Nike Securities UIT you mention is
involved with the Dow Dogs or something. I would suggest checking
their charges and expenses vs. the Select Ten portfolios offered by
the major full service brokerages (ML, Smith Barnet, Prudential,
etc.)
I'd suggest checking the prospectus for fees and costs and look for
any special surprises.
Bottom line, some UITs are probably good for certain investment
needs, others are bad.
Ken
------------------------------
Date: Mon, 17 Mar 1997 21:05:55 -0500 (EST)
From: Bart & Helen Levitan <hlevitan@southeast.net>
Subject: Re: FHA Mortgage Question?
>From: John <kahuna@financier.com>
>
>My son is considering a FHA mortgage as a first time home buyer. I know
>that it presents more "concerns" for the seller due to the inspections
>and repairs that may be needed in order to sell to one seeking an FHA
>mortgage.
>
>Are there any disadvantages to the purchaser. I know that there is a
>penalty if one sells the house within 10 years but not sure of any other
>restrictions or things to take into consideration.
>
>Your comments appreciated.
>John
>
What penalty is this? We just bought our first home and went FHA and it was
no problems whatsoever. Actually, the FHA inspector made the seller fix a few
things, but it helped us being we didn't have to fix them ourselves!
Someone please tell me about this 10 year sell thing? I've never heard of it.
The only bad thing I've heard about is PMI. We have to pay it, but it allowed
us to buy with much less down beforehand.
Helen
hlevitan@jaxnet.com
------------------------------
End of persfin-digest V4 #7
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