---

buying a home in CA

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
g00glegail Joined: 23 Jan 2009 Posts: 3 2.42 Dollars($)	Posted: Fri Jan 23, 2009 12:26 pm    Post subject: buying a home in CA Like 0 Dislike 0 Hello, I am trying to look for information on mortgages in CA for my parents. My parents currently live in FL. My mom has 3 properties in her name, my dad has none. They want to move back to CA and have found a house they want to purchase. They only have enough to put 5% down, but they were recently told by the mortgage broker, they would have to go conventional and that would require 10% down. I thought there were FHA loans which only require 3% down... or Fannie Mae which requires 5% down? The home is in need of repairs so, possibly it will not qualify for an FHA loan? Also, because my mom has 3 properties in her name will this affect her being on the mortgage? Should my dad try getting the house in his name alone? Thanks!
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.93 Dollars($)	Posted: Sat Jan 24, 2009 7:53 am    Post subject: Like 0 Dislike 0 It is hard to determine without seeing the entire picture. If your dad's name is not on the other loans and he can qualify for the loan in CA on his own, then they should be ok. If he needs your mom's income to qualify, then her debt will also be considered and that MAY be a deal breaker if there is insufficient income. They should really speak to a loan officer and share more info. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0