Home Buying in Long Beach>Question Details

marcoslbc,  in Long Beach, CA

i and my wife what to buy a home.but also my sister inlaw is moving in to live and help.and my father in law in helping for a stronger borrowing.now t

Asked by marcoslbc, Long Beach, CA Mon Nov 11, 2013

those it matter how many people live in the home.my realtor said yes but mm like second opinion.thx

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8
Hi Marcos,

I've seen up to 8 brothers and sisters in a big (and close) family co-borrow to buy a home!
Plus there can be a difference in who lives there vs. whose names are on the mortgage vs. whose names are on the deed.

Whichever way you do it, I hope you own a beautiful home in Long Beach soon!
1 vote Thank Flag Link Mon Nov 11, 2013
If you are BUYING the home you will be fine. If you are renting landlords can impose limits on the number of people living in the home.

I am happy to hear your family is willing to help you and your wife. Congrats on your decision to buy a home of your own.

Happy house hunting!!!

Wishing you the VERY best,
Kawain Payne, Realtor
Prudential California Realty

I wishyou the
0 votes Thank Flag Link Tue Nov 12, 2013
2 people per bedroom plus one for the house. As long as you don't go over that you should be fine.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Tue Nov 12, 2013
Hello Marcos,

It shouldn't be a problem, but it may depend on which type of loan have you. I live and work in the area of Long Beach so please call or e-mail and we can talk in greater detail regarding what you are looking for in a home.

Penny McCann
Keller Williams Realty
562-370-5574
pennysellshomes27@gmail.com
CAL-BRE # 01925479
0 votes Thank Flag Link Tue Nov 12, 2013
So, it sounds like three people are living there and you are having a non-occupant co-borrower. Sounds like a pretty simple deal that should not be a problem.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Mon Nov 11, 2013
Hi Marcos,
Can you tell me a little bit more about your situation? Are you looking to buy a single family home and having your father in law also be on the loan? If you do a conventional loan, then your father in law would have to live in the home to qualify as a co-borrower. You can have all 4 of you live there.....that is not a problem. If you go with an FHA loan, then your father in law could cosign the loan without moving in, but then you would have to pay up front and monthly mortgage insurance premiums, which can add up. Let me know if this is your situation. If it is different, then I can address that. Good luck, and if you have any other questions, feel free to email me or call me at karen@karenmceniry.com or (714) 343-9470.
0 votes Thank Flag Link Mon Nov 11, 2013
It is up to you how many people will live in the home. If you do not make enough money to make the payments and are depending on them to help you. Then they would probably have to join you in qualifying for the loan. If you would like to discuss your circumstances privately. Give me call, I would be happy to help. Best regards, Chris Cassell, Coldwell Banker, 562-822-5788
0 votes Thank Flag Link Mon Nov 11, 2013
Hi there, so there will be 4 people living in the home? There is No reason this would not be OK if you are buying the home and not renting.
Will they be buying it with you or just living with you? Please feel determined to call me anytime.

Dana Hughes
Prudential California Realty
562-264-9750
Danahugheshomes@gmail.com
0 votes Thank Flag Link Mon Nov 11, 2013
Please make sure that you can convert the garage with the city. If you do it with out permits & the city finds out they most likely will make you remove the conversion. If you are planning on renting out the garage to help make your mortgage payment and you did the conversion with out permits & you have issue with the tenants, they can cause you serious issues including fines & if they decide not to pay their rent you won't be able to collect from them.
Flag Mon Nov 11, 2013
my wife me 2 kids and sister inlaw is going to live in it.but to qulifie for more i added my father inlaw he is married has 2 kids but he and his wife and 2 kids arent not going to live with us. and the home is 2 bed but i iam going to convert garage to a room.my plans.
Flag Mon Nov 11, 2013
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