Posted by Gene on May 14, 2007 at 14:39:29:
Wouldn’t it be a better deal to just rent?
If you currently rent for $2000 a month…that would justify a price of 250k to 300k. Not 500K. It would be cheaper to rent.
Hellp 1st time home buyer in California - Posted by john d
Posted by john d on May 13, 2007 at 10:47:26:
I am a single first time home buyer, looking to purchase in San Leandro, Ca (Bay Area) my FICO is 740+ and I have been in the military for about 15 years. I have plenty of income between myself and my mother (I will be the only one on the loan). I am on all her bank accounts but her money is not taxed so I cant include her income as documented income plus her credit isnt as good as mine is right now which could make for a higher intrest rate I’ve been told. So the mortgage person is saying I may have to go stated income to claim all the income. The only negative is I have very little to no money to put down. My mom and I will share the mortgage payment but I will leave in 3 years and my mom will stay and pay the mortgage after that. Right now she pays about 2000 in rent. What is the best mortgage deal that I can hope for on a possible $470,000 to $570,000. Thanks in advance and any advice is greatly appreciated.
Re: Hellp 1st time home buyer in California - Posted by Brian (WA)
Posted by Brian (WA) on May 14, 2007 at 15:28:38:
John,
You might consider a loan where the payment will decrease as time goes on if you use the mortgage properly. This will allow your mother to afford living in the home alone when you leave.