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Hello everyone!
I'm trying to make a difficult situation work and I need advice. My husband and I live in Denver in a townhouse and there is no way we could ever afford a house here. We want to cash in on our equity and move to another state.We work in industries where you don't really get jobs from out of state or offer letters. We will have to find jobs upon arrival but this will NOT be a problem . We also have 3 dogs and 2 cats and renting is so expensive and not available where we want to move if we could even find someone to accommodate all of our animals
We have to buy right away.
So....my parents agreed to cosign for us. But a mortgage broker told me that they can't help us because they are retired and would only qualify based on their SS income which isn't enough. But my parents have literally millions of dollars, own 3 nice homes outright , luxury cars, tons of investments etc.
How can we qualify? I can give more details of needed.
Have your parents buy the house in cash. Pay them back.
Yep. I'm surprised with that financial standing they even considered co-signing instead of being the lender especially as this is a shorter-term cash crunch until the existing home is sold.
So my parents, despite many assets, simply cannot qualify for a mortgage? That's crazy to me! They have money in the bank and tons of investments and assets as collateral but cannot qualify for any kind of mortgage!?
My parents know they could cosign and walk away. That's a lot different from asking them to buy a house for us. That's money they don't have in the bank anymore and it changes the relationship when you owe someone money and are making payments to them. That's just not what any of us want. They just want to give us th e little boost we need to qualify for a home and they know we are good for it
Well, then, since this is a "want to" move rather than a "have to" move, you'll have time to save up.
I realize you are being snarky but we could never save up enough money to pay cash for a home and even if we could that would be better invested elsewhere.
My parents know they could cosign and walk away. That's a lot different from asking them to buy a house for us. That's money they don't have in the bank anymore and it changes the relationship when you owe someone money and are making payments to them. That's just not what any of us want. They just want to give us th e little boost we need to qualify for a home and they know we are good for it
But they can't just walk away. You will be living in a new house without jobs. If your current condo doesn't sell right away, how will you pay them? How will you be living? You will have no income.
As an aside, I got a mortgage after I retired and my only income was SS. I had a respectable 401(k) and qualified for a decent mortgage.
Have you gone to a different mortgage broker or another bank in the area in which you plan to live? if your parents are that flush, are they preferred customers at a financial institution?
I realize you are being snarky but we could never save up enough money to pay cash for a home and even if we could that would be better invested elsewhere.
Can you put 20%+ down for the new house? It is not necessary to pay cash, but you will need a sizable downpayment.
If your money is better invested elsewhere, why buy a house? Search for a rental that is pet friendly.
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