Mortgage down payments do not require seasoning, but they do require sourcing. Mortgage banks require the most recent 60 days bank or investment account Statements, to show the source of your closing funds. Moreover, if a large deposits shows up in your bank Statements, you will be required to document / paper trail where those lump sum deposits came from.
Depending on your specific relationship with your "gal's" son, you can either gift him the down payment funds, and have him apply for the mortgage. Or you can buy the house and apply for the mortgage in your name, and then quit claim your "gals" son onto the deed, immediately after closing your AZ home.
Another option might be to buy the house and close the mortgage in your name, and then move the house into a " Revocable Living Trust," listing your "gals" son as the beneficiary.
Note there are probably major legal and tax ramifications to selling your CA house, and then gifting a large sum of money, or co-borrowing for a relative. So, I definitely recommend that you talk to your CPA &/or a real estate tax Attorney, before you deciding how to specifically handle your AZ home purchase.
If you have specific questions about your AZ mortgage, please visit my website at www.azcentralmortgage.com and then give me call. P.S. It's very nice of you to help your "gals" son out!... more
Currently there are two properties for sale in this complex Both are one bedroom units.
one is listed for 42,500 the other for 49,900. If you like, please email me directly and I will send you the listing links. As a buyer's agent, there is no charge for my services.... more
Hello Diane. Here are 14 'Active' listings within 1 mile of Horizon Elementary; they range anywhere from $865 up to $1235 per month and they all have a 2-car garage (one home has a 3-car garage).
Here's the MLS link: http://www.flexmls.com/link.html?zs3ipoxu945,12,1
If you would like to view any of them, feel free to send me an email or give me a call. I'd love to help!
(I can also send you an expanded search if you like...by increasing the distance to 2 or 3 miles, it should return more 'Active' rental listings)
I've helped several families find a nice rental home over the past few months; here's my Trulia profile:
FYI...my fee to assist you in finding a rental home is paid by the OWNER, not you, the tenant. Your fees include things such as credit-background check, security deposit, pet deposit (if applicable), cleaning deposit (not all owners require this), etc.
Thanks for the question!
Realty ONE Group
PH: 480.231.6769... more
There is a great deal of difference between property managers as regrades their ethics, fee schedule, quality of service, and how well they communicate with you. Meet with the manager that will service your account-do you feel comfortable. Get a number of references and check them out. Do the math-do the economics work for you.
Different companies excel in different areas. Is your property a vacation property (week to week or month to month), a single family residence, a multi-family (2, 4 or 8 units), or a larger apartment complex?
I too can offer a recommendation for a professional single family property manager that is not also buying and selling real estate. Please contact me off-line if interested.... more