Posted on: 10th Feb, 2009 08:29 am
Hi, Im new here and had a question about buying a house 1st time. Im 21 years young hehe have a decent job for 3 years now and my credit kinda sucks at 575 or so with 1 late payment. My parents recently had a BK and have saved over 100k in savings. Question is will i qualify to get the house under my name? they will be giving me the 50k to put on a down payment on a 195-200k house. My parents have tried everything and been denied. I am there only hope. So please any help would be glady appreciated.
Thanks.
Thanks.
msnover
You still need the income to help qualify. Banks will allow gifts but they have limits on those gifts. You should speak with a loan professional (there are a few here on this message board) to review your scenario before any of us can give you a true answer.
You still need the income to help qualify. Banks will allow gifts but they have limits on those gifts. You should speak with a loan professional (there are a few here on this message board) to review your scenario before any of us can give you a true answer.
Ok wonderful thanks for the info, If you know anyone personally would u please refer me.
Hello msnover,
I want to suggest you a Lease option Homes, it is known by many names, lease Purchase, Rent to Own, and Lease with Option. Lease Option Homes is a wonderful alternative for people who would like to purchase a home right now but need little time to acquire a down payment. It also offers option that will benefit you to own a home through you monthly rent that will be credited toward the purchase of your new home with flexible down payment.
[Link deleted as per forum rules. Thanks.]
I want to suggest you a Lease option Homes, it is known by many names, lease Purchase, Rent to Own, and Lease with Option. Lease Option Homes is a wonderful alternative for people who would like to purchase a home right now but need little time to acquire a down payment. It also offers option that will benefit you to own a home through you monthly rent that will be credited toward the purchase of your new home with flexible down payment.
[Link deleted as per forum rules. Thanks.]
Thanks for this thread, I am exactly on the same boat as the thread owner. This shed some light to my dilemma. :)
pthillenbrand, you can never ask too many questions.
Can a inspection or appriasal stop me from getting my loan funded
Hi John
Yes, as far as I know, an inspection or a appraisal will stop you from getting a mortgage. If a property appraisal proves that your property does not have any kind of equity, then the lender will not approve your loan.
Thanks.
Yes, as far as I know, an inspection or a appraisal will stop you from getting a mortgage. If a property appraisal proves that your property does not have any kind of equity, then the lender will not approve your loan.
Thanks.
a property inspection is not a lending requirement, so the issues found in the inspection process won't prevent you from obtaining your mortgage. however, if they are serious enough, the appraiser is going to pick up on those items as well.
definitely, the outcome of an appraisal can impact your obtaining a loan. if the value of the property is insufficient to warrant the granting of the loan you've requested, you may be denied altogether. another option is that the lender can counter offer to you a reduced loan amount, based on the market value of the property.
definitely, the outcome of an appraisal can impact your obtaining a loan. if the value of the property is insufficient to warrant the granting of the loan you've requested, you may be denied altogether. another option is that the lender can counter offer to you a reduced loan amount, based on the market value of the property.