I want to buy a house for 500,000 , I was qualified for 200,000 I'll have a renter, what financing options are available my credit is average.
2006-11-18 01:26:41 · 7 answers · asked by Lear R 2 in Business & Finance ➔ Renting & Real Estate
look for a lender who will underwrite a loan package called
stated income. even if you have a renter, get a one year lease agreement signed. don't know if that will help you. alot of this depends on what your down payment is- the more you put down will offset the monthly mortgage amount.
2006-11-18 01:33:24 · answer #1 · answered by lake living 5 · 0⤊ 0⤋
As a writer in the real estate field, I'd have to say that in my opinion, this is a bad time to over-extend yourself.
The market in most parts of the US is starting to cool. While it's not falling like a rock, it will likely slow and stall at minimum in most parts of the country. However, I actually expect that prices will go down somewhat over the next 12 months. If prices go down, you might be able to get into the market at a more reasonable price in as little as a year.
You don't say how much down payment you have or if you are trying to make up a $300k shortfall. If you are looking at that kind of shortfall, I'd definitely wait.
2006-11-18 02:16:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A rich aunt, or grandparent.
Why would you risk your future on a money pit? If you can't afford the payments now, while healthy and working, what would happen if you became ill or had an accident and couldn't work.
Buy a lesser home, pay for it for a few years, then sell it and buy the more expensive house with your equity.
Overbuying is the first step to bankruptcy, I wouldn't recommend it.
2006-11-18 01:36:26 · answer #3 · answered by Gem 7 · 0⤊ 0⤋
There are ways to use the renters payment as income for you to qualify.
Here is some additional info. Hope this helps.
2006-11-18 02:28:14 · answer #4 · answered by Anonymous · 0⤊ 1⤋
The only loans are either interest only or oprtional arms (this loan has interest rates that is 1.25%-1.75% however the difference between this rate and the interest only will be added to the mortgage therefore your balance will be growing).
2006-11-18 02:59:57 · answer #5 · answered by tianaramal 4 · 0⤊ 0⤋
Gem is absolutely right. These numbers are so far apart that you must be nuts just thinking about it.
2006-11-18 02:13:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Borrow from relatives.
2006-11-18 01:33:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋