Reverse mortgages are very attractive options for seniors who own their homes but have some cash flow difficulties in this economy. These loans allow the homeowners to stay in their homes when rising costs, such as property taxes, might have otherwise been too much to bear on a fixed income.
Best of Luck!
It also sounds like you're in need of additional income to make the ratios work as you're mentioning a cosigner being part of your transaction...
I don't believe there will be an underwriting issue when combining down payment assistance with a cosigner, but you'll have issues getting into contract as sellers are passing on FHA offers requiring down payment assistance. It's also a great idea to enter home ownership with some cash reserves so you can deal any unforseen home issues that in invariably pop up!
Let me know if I can be a resource for you!
best of luck, Jeff M
Best of luck!
A purchase of a family members home can be structured with no down payment by using a"gift of equity"
Otherwise you will need a downpayment of your own funds of at least 3.5%
Vaughn W. Boyce
Elite Realty Services
Link to Wells Fargo LIFT Program:
Link to CA Down Payment Program: