Asked by thinkofanamefast, Boca Raton, FL • Wed May 30, 2012
Found a condo In Boca to buy, approx. 240k. I have good net worth but no earned income. They only use 1-2% on assets as income for qualification (right?) so I cant qualify for a 80% mort. My dad has very good net worth and would be willing to co-sign. (He lives mortgage free now in condo owned in trust in my mom's name,) I dont want to claim him as resident of new unit since "unlikely" he would move in.
1. Does a cosigner help get higher mortg under most programs?
2. Both of us have 750 plus credit, but will this increase int. rate to me, vs if he was intending to live there and be full co-owner?
3. How long do morts. take now...I told them I dont need mort. contingency (cause in pinch I could close all cash but DONT WANT TO) so my lawyer said if I miss deadline I could lose down payment....no 30 day grace like if I had mort contingency.
4. I hear cash-out morts are higher rates (ie close all cash and then get mort) true?
5. 10% down=higher int vs. 20% ignoring pmi? Thanks
Real Estate in Boca Raton
Popular Categories in Boca Raton
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!