I need a $95,000 mortgage - the property is a 2 story house on 2.5 acres of mixed use/commercial property. I've talked to an appraiser and he said it was worth around $125,000. I make $1200 a month with average credit. Would this be possible or would I need a "cosigner"? What would that entail?
2007-01-24 03:22:59 · 5 answers · asked by Braden J 2 in Business & Finance ➔ Renting & Real Estate
Talk to your local mortgage company or however you bank with. They would be able to give you REAL figures and figure out what kind of RATE you could get. Remember the rate you get iwll be important! Now is a buyers market pretty much everywhere so it is a good time to buy. If i were you i would check into it. Your mortgage would prolly be around $700 (guessing from price of house) and you need to remember to have money for Utilities, and food not to mention if you have any other bills.
2007-01-24 03:29:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You would probably need a cosigner. However, it would also depend what you are going to do with the property. Are you going to live in it as a primary residence, secondary residence, investment property, or are you going to convert it to commercial use (use it as an office/retail store, or rent it out as office or retail store). If you're going to live in it, and you have enough money to pay for it (monthly payments will be in the $570 - $650/month range with 10% down - if you put down $9500), then you won't have any problems. If you cannot afford that, you will need a co-signer with an average or good credit, as well as pay for it. This may be a friend, relative, or family - but most likely someone who will be sharing the place with you. However, if you are buying this property as investment, either to rent it out as residential or commercial, you may or may not need a co-signer. It depends on the cashflow generated by the rent. You'll have to show cashflow projections and vacancy rates to get the loan. You could also live and rent (live on one floor and rent the other), and make the tenant pay for the mortgage as rent.
2007-01-24 03:40:14 · answer #2 · answered by Think Richly™ 5 · 0⤊ 0⤋
loan money continues to be available. by skill of necessity, lenders would be somewhat greater conservative in who they lend to and how a lot, yet as long as you're able to have adequate money the charge and your credit is sturdy, you mustn't have a lot subject. in spite of everything, banks nonetheless could desire to earn a earnings and mortgages are a great thank you to earn earnings (assuming they make clever loans). start up saving for the down charge and you're able to desire to be golden.
2016-11-26 23:10:01 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I believe we have 2 loan officers in our network who can help you. Fill out the free evaluation form at:
www.totaldebtsolutionsllc.com
and we will have them contact you.
2007-01-24 14:42:09 · answer #4 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
Yes i might be able to do it for you
email me at samgoldstar@yahoo.com and ill email you my information or you can email me your information and ill call you
2007-01-24 03:38:23 · answer #5 · answered by Sammy G 1 · 0⤊ 0⤋