Posted on: 13th Mar, 2009 10:39 am
Hello community!
My mother has the following situation, and I am trying to help point her in the right direction (I live overseas, so I am trying this community as a beginning). I did a few transactions with Countrywide in the past, but I have been out of the country so long, I am simply not current on developments in the mortgage area.
Location: New York
House price: 65-70k
down payment: 25-35k (possibly another 10k or so higher if necessary)
Fico: 800
She is on a fixed retirement income of $866 a month, but I can provide her with more funds if necessary (her first attempt with HSBC would not give her credit for the extra income from me, however).
Do low doc loans still exist (in other words, getting credit for 1k a month from me)? What about interest only, are those still being made?
Again, please post any and all leads, and I will follow up with her!
Thanks!!!
My mother has the following situation, and I am trying to help point her in the right direction (I live overseas, so I am trying this community as a beginning). I did a few transactions with Countrywide in the past, but I have been out of the country so long, I am simply not current on developments in the mortgage area.
Location: New York
House price: 65-70k
down payment: 25-35k (possibly another 10k or so higher if necessary)
Fico: 800
She is on a fixed retirement income of $866 a month, but I can provide her with more funds if necessary (her first attempt with HSBC would not give her credit for the extra income from me, however).
Do low doc loans still exist (in other words, getting credit for 1k a month from me)? What about interest only, are those still being made?
Again, please post any and all leads, and I will follow up with her!
Thanks!!!
oh man...i would hate to see an interest only loan in this environment. if values were to stay low or dip lower, then the value and loan amount could approximate each other in no time.
you didn't say what the monthly tab was, including fees and taxes; but presumably they're too high to qualify her on that income. i don't think you'll find much in the way of low- or no-doc loans for a retiree. i don't suppose there's any chance you could do this purchase as a second home for yourself and put her on there as well...is there?
you didn't say what the monthly tab was, including fees and taxes; but presumably they're too high to qualify her on that income. i don't think you'll find much in the way of low- or no-doc loans for a retiree. i don't suppose there's any chance you could do this purchase as a second home for yourself and put her on there as well...is there?