Posted on: 21st Mar, 2011 09:34 pm
Hi,
My background is I make about $55k, am in the military, and can find solid roommates to live with me in a house who are guaranteed to live with me for 3 years. I just relocated to Silverdale, WA, and can find 3br to 4br homes for ~200,000-250,000.
Based on having dependable roommates for the next three years and me having stable income for the next 3 years, and also being able to secure a VA loan, would I be able to save money over renting by having my roommates pay my mortgage?
The cons I can think of are 1. the fraction of interest on the first payments for homes is very high, leading to not much principal being accrued 2. taxes, fees, maintenance 3. closing costs.
Any particular insights or thoughts on this sort of situation?
Thanks,
Eric
My background is I make about $55k, am in the military, and can find solid roommates to live with me in a house who are guaranteed to live with me for 3 years. I just relocated to Silverdale, WA, and can find 3br to 4br homes for ~200,000-250,000.
Based on having dependable roommates for the next three years and me having stable income for the next 3 years, and also being able to secure a VA loan, would I be able to save money over renting by having my roommates pay my mortgage?
The cons I can think of are 1. the fraction of interest on the first payments for homes is very high, leading to not much principal being accrued 2. taxes, fees, maintenance 3. closing costs.
Any particular insights or thoughts on this sort of situation?
Thanks,
Eric
Hi sippyCUP!
Welcome to forums!
You can get a VA loan depending upon your financial situation and your credit score. You can then rent the property to someone else. However, you will make sure that you pay the mortgage payments on time. If the lender does not receive the payments on time, then he will foreclose the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can get a VA loan depending upon your financial situation and your credit score. You can then rent the property to someone else. However, you will make sure that you pay the mortgage payments on time. If the lender does not receive the payments on time, then he will foreclose the property.
Feel free to ask if you've further queries.
Sussane
Hi sippyCUP,
Welcome to Mortgage fit,
As far as your proposal is concerned you can not straightway say to the lender that you wish to rent it...(share with roommates) because if done so then surely you will not be claim the tax benefit ...
So what you can do is go to the lender asking him that you wish to purchase the house as your primary residence and if you have good credit surely you can get the mortgage.....
I must appreciate your idea....
Feel free to ask any further query if you have....
Dipa
Welcome to Mortgage fit,
As far as your proposal is concerned you can not straightway say to the lender that you wish to rent it...(share with roommates) because if done so then surely you will not be claim the tax benefit ...
So what you can do is go to the lender asking him that you wish to purchase the house as your primary residence and if you have good credit surely you can get the mortgage.....
I must appreciate your idea....
Feel free to ask any further query if you have....
Dipa