Financial Mortgage HELP! lol?

Deal Score0

Very good. My friend and I are a young couple .. lol I’m at school. and now hes repaying their student loans. He just got a job … and we need to go. We do not rent, because we find that money wasted. The banks have told him that he has enough credit and tips for getting a mortgage. The problem is .. We want to take a loan for his parents (they took a private loan for college for him … we pay $ 600 per month), we will be able to get money for a mortgage … then a private loan to repay and repair the house? Like what we have options?

2 Comments
  1. Reply
    Michael T
    May 4, 2011 at 1:53 am

    To get a loan there a 3 primary factors that the bank considers (credit score, down payment, and debt ratios).

    If any of those is not within their parameters, the bank will probably not loan the money.

    FHA guaranteed home loans are probably the easiest to get. The following link describes the credit score, down payment, and credit ratios needed for an FHA guaranteed mortgage.

    http://www.fha-home-loans.com/loan_qualifying_fha_loans.htm

    You can use the following calculator to determine your monthly payments for a mortgage (use 5% as the interest rate and 30 year loan)

    http://www.ginniemae.gov/2_prequal/le_intro_questions.asp

    You can then use this calculator to determine if you qualify for the loan by using the information from the previous calculators detailed information (property taxes and hazard insurance – divide by 12 for this calculator).

    http://www.fha.com/calculator_borrow.cfm

    Getting a personal loan is usually difficult and when possible, interest rates are extremely high since it is a non-collateralized loan.

  2. Reply
    cdrates
    May 4, 2011 at 2:38 am

    That depends if you can afford both loans. There are debt to income ratios that bank’s follow when applying for a mortgage. Your best bet is to see how much of a mortgage you both can qualify for.

    Instead of trying to do both at the same time, purchase a home now so you can take advantage of low interest rates and low home prices. Homes are now more affordable than they have been in the past several years. Then apply for a Ioan to pay his parents off.

    Leave a reply

    Register New Account
    Reset Password