Im a coowner of house with my sister and brother in law, I dont pay morgage and dont leave there, I rent.

Asked by bb, Walnut Creek, CA Tue Oct 2, 2012

can I buy house on my own with small down payment?

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James Tan, Agent, elk grove, CA
Tue Oct 2, 2012
What is important is are you on the note (loan) ? Cause this will affect your borrowing capacity.
Since you are not paying any mortgage,I am guessing that you are not.
You should speak with a mortgage consultant or your friendly bank loan officer.
If you are a passive owner (minority shareholder as tenants in common) with your sister/brother in law, you might be able to qualify as a first time buyer.
0 votes
Bernard Gibb…, Agent, Danville, CA
Tue Oct 2, 2012
When you say you are co-owner, that suggests that you have a certain percentage ownership interest, so if the home was worth $500K and you had a 50% interest, you would have $250K equity in the home.

If that is the case, then providing that you can qualify for a loan to cover the other 50%, then it shouldn't be a problem. That is provided your sister and brother-in-law are agreeable, of course.

You should talk to a good local mortgage specialist to check out your likelihood of qualification.
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Ron Thomas, Agent, Fresno, CA
Tue Oct 2, 2012
You RENT it, but you don't LIVE there.
And you are a C0-Owner., but you don't pay the Mortgage.
And you want to buy your own house?

This is silly:

Have you considered talking to your Sister and Brother-in-Law?
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