U.S. CitiesCity-Data Forum Index
Happy Thanksgiving Day!
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 04-11-2012, 08:20 PM
Status: "Now working for a true portfolio lender" (set 13 days ago)
 
Location: MID ATLANTIC
3,969 posts, read 8,562,065 times
Reputation: 2977

Advertisements

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.
Reply With Quote Quick reply to this message

 
Old 04-13-2012, 06:50 PM
 
501 posts, read 437,616 times
Reputation: 535
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?
Reply With Quote Quick reply to this message
 
Old 04-13-2012, 09:45 PM
Status: "Now working for a true portfolio lender" (set 13 days ago)
 
Location: MID ATLANTIC
3,969 posts, read 8,562,065 times
Reputation: 2977
The OP need not live there as their primary residence, but as a non occupant coborrower. The daughter is the owner occupant.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top