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Old 04-11-2012, 07:20 PM
 
Location: MID ATLANTIC
4,346 posts, read 9,516,178 times
Reputation: 3316

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Quote:
Originally Posted by pooter13 View Post
Thank you everyone for your posts. I finally have found a way to buy a house with a FHA loan. You put 3.5% down, we own it and it's not a second home but a primary resident without the 20% down as with a conventional loan. FHA was setup so that people with low incomes can buy homes. This is really good news, if now we could find one in our price range. I have learned alot about mortgages and I'm so glad I found out FHA, I was ready to give up.
This is truly your best bet, however, I recommend a few tweaks to your daughter's credit for a score and then you can get the best rate available. It won't take much and could be as simple as adding her to a couple of your accounts that have an excellent history, accounts that may carry a small balance.

A little bit of foresight will yield great savings.
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Old 04-13-2012, 05:50 PM
 
515 posts, read 490,627 times
Reputation: 553
Quote:
Originally Posted by pooter13 View Post
Thank you everyone for your posts. I finally have found a way to buy a house with a FHA loan. You put 3.5% down, we own it and it's not a second home but a primary resident without the 20% down as with a conventional loan. FHA was setup so that people with low incomes can buy homes. This is really good news, if now we could find one in our price range. I have learned alot about mortgages and I'm so glad I found out FHA, I was ready to give up.
Are you still cosigning, or are you buying this home yourself? Is is truly your primary residence if your daughter is living in it and you already have another primary residence?
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Old 04-13-2012, 08:45 PM
 
Location: MID ATLANTIC
4,346 posts, read 9,516,178 times
Reputation: 3316
The OP need not live there as their primary residence, but as a non occupant coborrower. The daughter is the owner occupant.
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