Financing in Broward County>Question Details

overcooked_n…, Home Buyer in Plantation, FL

I had a few questions about mortgages and if my idea was realistic

Asked by overcooked_noodles, Plantation, FL Fri Jun 14, 2013

I currently own a home in Hialeah, Fl worth approximately 80,000. I am not currently employed but I do have cash as a down payment and my significant other is employed. I am currently a student and I plan to rent my home as income. I was looking for a home in Broward county. The home I currently live in was bought and put under my name before I was the age of 6, so I do not know if if I am eligible for an FHA loan. I am sure my sig other is, but he currently has no credit.

Is it a realistic thought to put less than 10,000 down on a home worth around 115,000 and finance this over 30 years. I was looking to be making payments about 900 or less in mortgage, no HOA. Also, what do you think would be the lowest down payment I could put down? Would I benefit more from putting my home down as collateral?

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Answers

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I would recommend that you talk to a mortgage professional and see what they require. FHA only requires 3.5% and conv. is 5%. With no income and no credit on the person who has income it could be tricky. If you talk to a local mortgage adviser just make sure that you give him all of this info and do not hide anything. Best of luck.
0 votes Thank Flag Link Fri Jun 14, 2013
Well, it sounds complicated. you're unemployed; so how much rental income do you think you'll take in???? I think the bank/lender will only count a small portion as income.

you state your significant other has no credit. did you plan on buying the property jointly???
also, you stated you have a cash down payment, and you would like to put less than 10k. but what's the max you can afford to put down???

You can find many very good & experienced mortgage people on Trulia. Call a few to review your specifics.

good luck
0 votes Thank Flag Link Fri Jun 14, 2013
I would suggest that you speak with a mortgage professional. They will look at all of your financial info, including that of your significant other. Then you can make an educated decision as to whether or not you will be able to buy a home at this time.

Best of luck!
0 votes Thank Flag Link Fri Jun 14, 2013
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