Home Buying in Orange County>Question Details

shannoncoffe…, Home Buyer in Irvine, CA

My parents are willing to co-sign a condo for me or possibly purchase the condo and just have me make the payments, if they currently have a home that

Asked by shannoncoffey1986, Irvine, CA Fri Jul 19, 2013

they are still paying on, is it possible for them to purchase this condo for me as most likely they will end up selling their current home within the next 5 to 7 years or so my dad can retire and move in the condo and finish paying it off, my parents are not rich, but they do fairly well don't get me wrong. they have a four bedroom home in Tustin with a pool and 3 cars, 2 of which they have paid off all ready, is it possible for them to take out another loan for a condo? I will admit their house is not close to being paid off yet, but they are good on all their finances.and the condo we were looking at is under 200,000 thousand dollars, $185,000 is the asking price.

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David Pham’s answer
Hi Shannon,

It sounds very feasible. Please talk to a licensed loan officer. Or you can contact us and we'll explain details on different loan programs.

Regards,

David Pham
National Brokers
714-530-3331
0 votes Thank Flag Link Fri Jul 19, 2013
Hi Shannon,

Thanks for contacting us here on Trulia!

It is very possible that your parents will be able to be approved for another loan for a condo, it just depends on their credit and income. You should have your parents contact a lender to see how much they can get pre-approved for (your local bank/credit union, or I can recommend a few lenders to you). It is a quick process with no obligation.

I grew up in Irvine and my parents actually own a 5 bed home in Tustin and another 4 bed home in Irvine. They recently were approved for a loan for about $400,000 to buy another investment condo property. It really just depends on your parents' financial situation.

Feel free to contact me directly with any further questions/concerns. I would also be happy to email you a list of available properties in your price range and set up showings for any properties you are interested in.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
Web Reference: http://www.jamietian.com
1 vote Thank Flag Link Fri Jul 19, 2013
Yes, it's possible
You will need to talk with a lender so they can tell you how much of a condo you can purchase and at what payment
That may be an important factor for you. I would like to interview for being your agent

Take care

Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Sat Jul 20, 2013
Contact me and I'd be happy to show you non-occupying co-borrower options for both FHA and Freddie Mac mortgages.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri Jul 19, 2013
Why not meet with a lender and determine the feasibility of buying without your parent's assistance? If you can't qualify today, the lender can advise you of what you need to do to qualify.

If you purchase the condo on your own, you'll appreciate it more and have the pride of having done the work and accomplished the goal of homeownership on your own.
0 votes Thank Flag Link Fri Jul 19, 2013
Hi Shannon,

Yes, it is possible for your parents to co-sign for you. They would be considered non-occupying co-borrowers.

You will get a better interest rate if you are the occupying, primary borrower and your parents the non-occupying co-borrowers.

Best regards,

Elva Wormley
Mortgage Consultant
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
(408) 615-8500
elva@ewormley.com
0 votes Thank Flag Link Fri Jul 19, 2013
I am sure that you will want to be on the Loan too;
I don't think you will get credit for it, even if it is your checks coming to them every month.
It will be an olympic event to get you added later.
Talk to this guy; he's great and very near to you in Mission something, or Laguna other:
Shane Milne
shane@thebesthomeloans.com
highly recommend!
0 votes Thank Flag Link Fri Jul 19, 2013
It's entirely possible your parents can co-sign or purchase a condo for you. They need to go to a bank or mortgage lender with you to see what makes the most sense. Your folks probably have someone they used when they bought their house..Revisit that lender and see what you can work out together.

Best of luck.
0 votes Thank Flag Link Fri Jul 19, 2013
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