Any Mortage Brokers here. Can I get a house?

[Taylor21]

Here is my situation, I haven't worked in years while due to helping my Grandpa. Well he passed away about 5 months ago and left me some cash and an old house. Whats the most I could afford for a house, below is what I have.

-Girlfriend whom lives with me makes about 30k a year (I'm not working and haven't for years)
- House he left me is worth 45k (paid off), and gonna rent it out
- I plan on putting 50k down towards new house.

Whats the most expensive house a bank would loan me with 50k down and 45k in a paid off house in collaterell?? Credit is excellent around 775.

[Swaggy P]

Why don't you go to your bank and ask them in person? How difficult is that?

[Taylor21]

Why don't you go to your bank and ask them in person? How difficult is that?

BC they ain't open at 3am and I don't plan on getting a house until summer.

[Grits n' Gravy]

Real estate is cheap wherever you are living.


That 50k will be a solid down payment for a good 15 or 30 yr rate on anything up to 230k. Leaves you with wiggle room for some repairs/improvements and furnishings.

[Taylor21]

Real estate is cheap wherever you are living.



That 50k will be a solid down payment for a good 15 or 30 yr rate on anything up to 230k. Leaves you with wiggle room for some repairs/improvements and furnishings.

Im in upstate NY.. Taxes in a 200k house are about 7500 a year.

[str]

You will need to show proof of income to support paying a monthly mortgage.
They do not recognize capital gains as income . Last two years tax returns and or last two months pay stubs or bank statements with direct deposits from employers.
Girlfriends don't count unless she will be on the deed.

[jts1207]

Yep..... going to need to prove income.

[Taylor21]

Yep..... going to need to prove income.

No proof of income if you pay cash for a house correct?

[TheMetsSuck]

Duh

[TheMoneyShot]

No proof of income if you pay cash for a house correct?

Trying to understand your story.

1. You have a paid off home from your grandfather.

2. You want to put 50k down on another home? Where's this 50k at?

3. 45k home isn't worth anything to a bank to be honest.

4. Your best bet is to stay in your grandfather's home that he left you with.

5. Your credit score means nothing because you aren't the one working. Credit score would be based upon your GF... because she's the only one working.

[Taylor21]

Trying to understand your story.

1. You have a paid off home from your grandfather.

2. You want to put 50k down on another home? Where's this 50k at?

3. 45k home isn't worth anything to a bank to be honest.

4. Your best bet is to stay in your grandfather's home that he left you with.

5. Your credit score means nothing because you aren't the one working. Credit score would be based upon your GF... because she's the only one working.

Wouldn't 80% of 45k be considered collaterall?

[TheMoneyShot]

Wouldn't 80% of 45k be considered collaterall?

Majority of banks have formula when using a home/property as collateral. Home/property should be appraised for at least 80k. 100k is much more solid.

First mortgage on a home is totally different in regards to.... if you don't pay... the bank just repossesses the home compared to something 100% used as collateral.

I understand you're anxious to get on with your life... and get a better home... and rent out your grandfather's place.... we've all been there. There's really not much you can do when proof of income is around 30-40k for your GF. You would have to make sure her credit score is just above 700... and practically no outstanding loans on her credit report. Basically... clean as a whistle... to have any chance at this moment.

There are people who would try and pass a loan that you don't qualify for out there... trust me... do some talking... you'll find someone. The issue with this though... your interest rate would be around the 6.75%-7.50% range because their doing you a favor. And that's some heavy interest on a 30 year mortgage for a bigger home.

[Taylor21]

Majority of banks have formula when using a home/property as collateral. Home/property should be appraised for at least 80k. 100k is much more solid.

First mortgage on a home is totally different in regards to.... if you don't pay... the bank just repossesses the home compared to something 100% used as collateral.

I understand you're anxious to get on with your life... and get a better home... and rent out your grandfather's place.... we've all been there. There's really not much you can do when proof of income is around 30-40k for your GF. You would have to make sure her credit score is just above 700... and practically no outstanding loans on her credit report. Basically... clean as a whistle... to have any chance at this moment.

There are people who would try and pass a loan that you don't qualify for out there... trust me... do some talking... you'll find someone. The issue with this though... your interest rate would be around the 6.75%-7.50% range because their doing you a favor. And that's some heavy interest on a 30 year mortgage for a bigger home.

What if I got a co-signer, how would that work?

[TheMoneyShot]

What if I got a co-signer, how would that work?

Co-signer must produce yearly income as well... and credit score must be above 700.

No income and score above 700 won't work.

[TheMoneyShot]

If you're really serious about finding someone to push the loan... you're looking for a strong independent lender.... but not nationally recognized. For example... a well known lender like Rocket Mortgage... won't pull strings for you... they do everything by the book.

You aren't qualified for a home loan... you don't pass the basic requirements. That's why you need to do some research and find an independent lender. Someone who's willing to take a chance on you...