Nov
12
trendy asked:
if so how much would we be able to get.my mother in law is getting a loan on her morgage and is giving us the 15k.
LESTER
if so how much would we be able to get.my mother in law is getting a loan on her morgage and is giving us the 15k.
LESTER
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5 Responses to “whats the chances on getting a morgage with 15k deposit ?”
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Right now, it’s difficult for anyone to get a loan. If you are first time home buyers, you should qualify for an FHA loan which requires only 3-4% deposit of the selling price. I don’t know if that requirement has changed recently due to the collapse in the housing market. Don’t forget about the closing costs either. I didn’t think about that when I bought my first house and suddenly I had to come up w/ $4000 in order for escow to close. Talk to a realtor. They can refer you to a lender and also help you determine what you can afford.
If she is getting the money from a home equity line of credit, first of all that is stupid for her to get in debt to give you a home. Second of all, a mortgage broker may not accept that as a downpayment since it is a loan. If you had $15,000 in cash you could qualify to purchase a home of $75,000 IF you had very good credit. Most mortgage brokers aren’t giving loans now unless you have 20% downpayment and a good credit score.
its all going to to depend on your credit history,ive seen people buy a home for 200k with 5k down call a banker ang get pre-approved on a loan they are the best to tell you,as they can see what your interest will be depending on wages,credit,time on job etc:
There’s no way to tell. It depends on the house you’re looking to buy, your income, your credit history, your credit scores. Many mortgage bankers are unlikely to consider the $15k much because it’s a gift/loan. I don’t think your MIL is very smart for doing it unless you’ll be paying her back as well as the mortgage, and that payment would have to be considered as part of your debt load.
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.