I have found a house that I absolutely love, but I am a first time buyer and it's just a little outside my financial reach. Would it be possible to find a mortgage that, for example, would allow me to contribute say 75% of the mortgage value for the first year or two until I am financially more stable?
Thanks. :)
2007-02-15 09:21:05 · 7 answers · asked by jonnyjpa 1 in Business & Finance ➔ Renting & Real Estate
you could try a' shared ownersip' mortgage
2007-02-15 09:24:51 · answer #1 · answered by christopher o 2 · 1⤊ 0⤋
No. You're asking the wrong question here. If you get a mortgage for 75% of the value the seller is not getting the rest of his/her money.
What you want is a mortgage for 100% of the value but with lower payments.
What you want is a creative financing solution. What you can try is an ARM loan or an interst only loan that later converts to a fixed rate. This can save you quite a bit and get you into a home you might not be able to afford otherwise.
2007-02-15 10:35:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You are not making any sense: A 30 year mortgage has you paying .75% to 1.2% of the home value for each year for five year. The rest of the money you pay is interest on the borrowed balance.
If you can not pay 100% of the principal and Interest on a 30 year mortgage, don't enter into any financial arrangements that says you can pay less. (THIS MEANS THAT AT THE END OF 30 YEARS IF ALL PAYMENTS ARE MADE ON TIME THE BALANCE DUE IS "0")
Any other meaning is not the same.
2007-02-15 09:36:53 · answer #3 · answered by whatevit 5 · 0⤊ 1⤋
There are all types of loans available out there, and even for First-Timers!!
Interest Only loans are an option. There are also Buy Down loans available too... for example 3-2-1 or 2-1. In a 3-2-1 buy down, the first year you pay 3% under your interest rate, the second year you pay 2% under and so on.
Definitely consult with a Mortgage Lender to discuss your options! Give them a brief run-down of your situation and have them suggest alternatives for you. And, don't be affraid to shop around to get the BEST DEAL for YOU!
Good luck.
2007-02-15 09:37:45 · answer #4 · answered by Art 4 · 1⤊ 0⤋
I would talk to a mortgage broker and see what kinds of programs they have for you. One possible solution I can think of is doing a interest only loan with payments starting in the 5th year sort of deal, that way you can get your financial obligations in order and by that year you will be able to cover a payment PITI (Principal, interest, tax, and insurance).
2007-02-15 09:27:31 · answer #5 · answered by nickhawkins21 3 · 0⤊ 0⤋
You can get an interest only mortgage and not pay off any at all until your finances are sorted.
2007-02-15 09:25:04 · answer #6 · answered by Anonymous · 0⤊ 1⤋
yeah - use a bigger deposit
2007-02-15 23:42:24 · answer #7 · answered by alatoruk 5 · 0⤊ 0⤋