i have student loans, and students, and i don't want a big house, maybe even a 3 bedroom condo, looking for people who know what they are talking about..
2007-03-27 15:41:20 · 3 answers · asked by regi 1 in Business & Finance ➔ Renting & Real Estate
May be hard to get a loan and even if you can you will pay high interest rates - 9% or more. I don't know a sane person who would co-sign a mortgage, they may purchase jointly (their name also on the deed).
You have to be careful here, because it could be construed as a gift if they are getting nothing out of the deal (say a parent living elsewhere), and gift taxes may come into play. Or you may have to impute interest you should pay them and claim it as income. See a tax-pro if this is your case.
2007-03-27 15:51:41 · answer #1 · answered by Roger C 5 · 0⤊ 0⤋
It all depends on your income really. If you can prove that you can afford it and also be able to put 20% down then you probably could. Your interest rate is going to be really bad either way though so your probably better off renting until you get your credit score alittle higher. If you don't have the 20% to put down then I'd imagine an 80/20 loan would be very hard to get with a 530 score. If you did the interest would be way to high to justify it. If I were you I'd rent a place for a year and pay off some of your bills. Once your credit score is near 700 then buy a house.
2007-03-27 15:50:22 · answer #2 · answered by Stephen C 2 · 0⤊ 0⤋
Yes, there are broker that will help you to buy home. Just make sure you do not any any negative on your credit report. And you are also making money where you can make house payment.
2007-03-27 15:46:43 · answer #3 · answered by entrepreneur 1 · 0⤊ 0⤋