I guess it is probably not a good idea, but I really like the house and the backyard with a nice pool. I might move into that house 10 years later so I have to rent it out now. Am I doing the right thing?
I am interested in buying a condo, but I don’t really have any money to put down? Can I apply for a mortgage with no money down? How does this process work? I am really lost in what you need to buy property.
Buy or build? (applications software): An article from: Mortgage Banking
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Title: Buy or build? (applications software)
Author: Len Tichy
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I want to buy a 3 unit building and live in one unit while renting the other 2. Do I need a special mortgage? Will rates be higher? Any advice?
Thanks!
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if your credit score is very high say 770 or higher you should have no trouble your credit score is very important to the financial institutes
The best advice I can give you in this situation is to get on a budget so you can save for a down payment. Owning a condo is a good thing to do IF you have some money saved to cover unexpected expenses. Buying a house or a condo with no money down is going to become a nightmare.
you can buy a property with no mpney down, but you might have to have really good credit…but your monthly mortgage would very costly, i did that and now i reuin my credit and buy foof to eat. All my pay cheque is going towards my mortgage…but i believe everything will work itsef out. try it if you have support that you can lean on if think become rough for you.
You can buy most property with no money down. Having no money do is not the problem that most people run into. How is your credit? Do you have a good paying job. Do you have a good history of paying your current and past bills on time? If you do get a no money down mortgage, you still will need money for pre-paid items. Ask you mortgage lender what will these items be.
You don’t need to have superb credit. The minimum score I’ve seen to get a 100% loan is a 560 mid score on your credit. But, know that the worse your credit is, the higher your interest will be. This means you will have higher monthly payments.
Just call up a local broker. Any broker will be able to tell you in a few minutes, if you qualify, and how much home you can afford. About 40% of your monthly income is how much mortgage you can afford per month.
If they can approve you, they will ask for copies of W-2s, tax returns, pay stubs, bank account statements, yada yada.
It is crazy what these mortgage brokers can do these days. if your credit is decent you can most definitely get a house or condo with no money down. but make sure you can at least afford the monthly payments. i did a 100% loan and even had the seller of the home i was buying pay some of the closing costs. i was referred to this guy through a friend and he really knows his stuff. call him at 954-491-9203 or visit his website http://www.scottlushing.com/
Nope. We bought a 3 fam unit 4 years ago with a standard mortgage (Actually we were able to use a first time home-buyers mortgage), and our rate is good (5.25%). If you’re owner-occupy (which you are looking to be), a regular mortgage is fine.
Good luck.
It is a lot of work, but can be rewarding if you have good tenants.
as long as you intend to live in the building then you can get the same mortgage as everyone else.
The good thing about buying a 3 unit building is that the loan limits are higher. if you want to find out what they are in your area just google “conforming loan limits for (your town)” and you should be able to find it.
Also rates are generally determined by credit, income, loan to value ratio and a few other factors.
Do you have lease agreements for the other 2 units yet? that would greatly strengthen your application.
if you have any question i’ll be happy to answer them for you.