Real Estate Home Mortgages/1st time home buyer
I am inheriting a substantial amount money soon and I want to get a mortgage on a home soon. I am not working and my credit is below average. I am willing to go as far as $20,000 for a down payment on a house that is worth $250,000 and I am wondering is that not enough or am I going to find something cheaper?
Underwriting guidelines require a steady income source (pension, social security, steady employment). Without that, I am not aware of any lender that will do a mortgage. You can buy a home and put down 5% down payment, so on a $250,000 primary home purchase, $20,000 is enough - assuming credit and income qualify as well. Please remember that when buying a home, you need to consider not only the down payment, but closing costs (1st year homeowner's insurance paid up front, escrows for taxes and homeowner's insurance, title costs, appraisal costs, etc.).
All the best,
- Al Rodenburg
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here