Home Buying in Bronx>Question Details

Ramos, Home Buyer in Bronx, NY

I WANT TO BUY THE HOUSE I AM RENTING, CAN I GET A MORTGAGE WITH ALL THE FAMILY MEMBERS OF THE HOUSE WHOLE , WE ALL SHARE PAYING THE RENT NOW

Asked by Ramos, Bronx, NY Tue Mar 30, 2010

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6
Dear Ramos,

You can certainly purchase a home with all of your family members. I would strongly recommed that all of you meet with a loan officer to get pre-approved and then immediately meet with an attorney. It is very important that everyone understands the long term committment and responsibilities you all will be embarking on.

Good luck to you and your family.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Wed Mar 31, 2010
If they all qualify then the answer is: yes. I would be glad to sit down with you and your family to review your mortgage options.

Our office is near you at 3609 E Tremont Ave in Throggs Neck.

Call us at 718-904-0004.
0 votes Thank Flag Link Tue Mar 30, 2010
For mortgage and pre-approval please call John Dasilva with Wells Fargo Mortgage Division at (631) 796-3055 or (631) 360-2000, the consutation is FREE!

Best of Luck!

Mildred Valentin
Exit Realty Van Zandt
1314 Blondell Avenue
Bronx NY 10459
718-931-9300
0 votes Thank Flag Link Tue Mar 30, 2010
I will just caution you about one thing, as this is something that has happened in the past, and causes problems for any of those on the mortgage. If some of the people want to move out, it might be difficult for the remaining family members to cover the mortgage payments. Also, newer guidelines make it more difficult to qualify for another loan if you are still on the mortgage for the original home, regardless of who is paying for it. Not all lenders will allow you to eliminate that payment from your debt.
0 votes Thank Flag Link Tue Mar 30, 2010
Yes, if you qualify for a mortgage--visit with any qualified loan officer(s) see exactly what your budget can handle and check your credit score(s), then go from there. You will need an attorney to handle all purchase related paperwork once you are qualified for the mortgage.
0 votes Thank Flag Link Tue Mar 30, 2010
Certainly, if you all qualify and your combined income is enough to purchase the home. I recommend you contact your lender or a realtor near you, they can get the process started.
0 votes Thank Flag Link Tue Mar 30, 2010
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