---

house w/ roommates, can I save $ over renting?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
sippyCUP Guest	Posted: Mon Mar 21, 2011 9:34 pm    Post subject: house w/ roommates, can I save $ over renting? Like 0 Dislike 0 Hi, My background is I make about $55k, am in the military, and can find solid roommates to live with me in a house who are guaranteed to live with me for 3 years. I just relocated to Silverdale, WA, and can find 3br to 4br homes for ~200,000-250,000. Based on having dependable roommates for the next three years and me having stable income for the next 3 years, and also being able to secure a VA loan, would I be able to save money over renting by having my roommates pay my mortgage? The cons I can think of are 1. the fraction of interest on the first payments for homes is very high, leading to not much principal being accrued 2. taxes, fees, maintenance 3. closing costs. Any particular insights or thoughts on this sort of situation? Thanks, Eric _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Mar 22, 2011 2:10 am    Post subject: Like 0 Dislike 0 Hi sippyCUP! Welcome to forums! You can get a VA loan depending upon your financial situation and your credit score. You can then rent the property to someone else. However, you will make sure that you pay the mortgage payments on time. If the lender does not receive the payments on time, then he will foreclose the property. Feel free to ask if you've further queries. Sussane
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Tue Mar 22, 2011 4:37 am    Post subject: Like 0 Dislike 0 Hi sippyCUP, Welcome to Mortgage fit, As far as your proposal is concerned you can not straightway say to the lender that you wish to rent it...(share with roommates) because if done so then surely you will not be claim the tax benefit ... So what you can do is go to the lender asking him that you wish to purchase the house as your primary residence and if you have good credit surely you can get the mortgage..... I must appreciate your idea.... Feel free to ask any further query if you have.... Dipa _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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