I would like to use this as a rental home and rent it out, but I am also interested in buying a bigger one for my growing family, I wouldnt have much down either, maybe 25,000 cash.
I live in edmonton alberta canada, can someone gives me any USEFUL advice.
2007-01-07 17:08:39 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
the credit situation is not good either, from past mistakes.
I take home about an average of 8000-12000a month though.
2007-01-07 17:17:49 · update #1
You have to have some what decent credit to get approved for a house loan. Wanting a house that costs that much, you may need to have great credit. With all this money you say you make... you need to be focusing on paying off old debts to improve your credit score first. You want to much, focus on correcting the problems before adding to them.
Well with that 25,000 I would buy that nice SUV you wanted! If you make that much you should really stop putting down stay at home moms and stop the story telling. You can't keep anything straight.
2007-01-07 18:17:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If your credit is good and your are making the income to support an $800,000 home it shouldn't be much of a problem. Try applying for a 100% mortgage to avoid the down payment, otherwise you might have to borrow against your current home to meet the down payment requirement.
2007-01-07 17:14:32 · answer #2 · answered by Chris P 3 · 0⤊ 0⤋
For $800K you would need $160K down or your monthly payment would be significantly higher with the PMI.
Although rent would cover the costs on your current unit, you would still need an income of about $15,000 a month clear after debts, to qualify . . .
how much is your monthly income ?
$8K to $12K is a huge variable - Sales ? in any event you should never obligate yourself for more than your worst income (the $8,000 a month). This would be a home of about $500,000 with $100,000 down.
2007-01-07 17:22:27 · answer #3 · answered by kate 7 · 0⤊ 0⤋
Consult with a mortgage broker/loan officer, as well as your tax advisor (CPA), and of course your Real Estate Professional. There are various situations depending upon your credit rating & credit status, as well as your income & taxes regarding the rental property. These professionals should all work together to find the solution that best suits your needs. Best wishes to you in your real estate endeavors!
2007-01-07 17:27:44 · answer #4 · answered by californya_girlygirl 2 · 0⤊ 0⤋