Posted on: 23rd Jan, 2009 11:26 am
Hello,
I am trying to look for information on mortgages in CA for my parents. My parents currently live in FL. My mom has 3 properties in her name, my dad has none. They want to move back to CA and have found a house they want to purchase.
They only have enough to put 5% down, but they were recently told by the mortgage broker, they would have to go conventional and that would require 10% down. I thought there were FHA loans which only require 3% down... or Fannie Mae which requires 5% down? The home is in need of repairs so, possibly it will not qualify for an FHA loan?
Also, because my mom has 3 properties in her name will this affect her being on the mortgage? Should my dad try getting the house in his name alone?
Thanks!
I am trying to look for information on mortgages in CA for my parents. My parents currently live in FL. My mom has 3 properties in her name, my dad has none. They want to move back to CA and have found a house they want to purchase.
They only have enough to put 5% down, but they were recently told by the mortgage broker, they would have to go conventional and that would require 10% down. I thought there were FHA loans which only require 3% down... or Fannie Mae which requires 5% down? The home is in need of repairs so, possibly it will not qualify for an FHA loan?
Also, because my mom has 3 properties in her name will this affect her being on the mortgage? Should my dad try getting the house in his name alone?
Thanks!
It is hard to determine without seeing the entire picture. If your dad's name is not on the other loans and he can qualify for the loan in CA on his own, then they should be ok. If he needs your mom's income to qualify, then her debt will also be considered and that MAY be a deal breaker if there is insufficient income. They should really speak to a loan officer and share more info.