How much will a bank loan for a down payment on a home.?I'm looking into buying a house in the area of Whittier or West Covina ca. I know there are a lot of factors that play into how much the bank will lend me. Both my fathers income and mine would play a part. I also know that it depends a lot on our credit score. I just want to know on "AVERAGE" how... | |
It depends on your income and credit.
There are some experts here that will spend the time to help you.
So... try asking again. Give combined income, years of employment, and amount of down payment.
Note: Explain if you are buying a home with your dad to live together?
That does not sound like a good idea since you may get married someday.
Are you using your dad as a co-signer.
Please never get anyone involved in co-signing with you for anything.
This NEVER, ever turns out well. Leave him out of it and do this on your own.
If you qualify for a HUD loan the you would only have to put down 3.5% of the sales price plus closing cost. A traditional mortgage will require a minimum of 10% down. Contact a local mortgage broker or bank to get pre approved. Good Luck
FORGET doing the nightmare u are trying to do.
you never ever buy a house with some one
u haven't been married to them for at least a year.
we have profited from purchase u are trying to do.
read Total money make over, Dave Ramsey.
to learn from others dumb mistakes, not your own.
will save u decades and 10,000s$ in hard pain
filled life lessons.
when u stable and married, read 'house buying
kit for dummies, Tynsen so u can lear b4 getting burned.
good knowledge is good luck.
u need both.
A down payment is money you're putting up to secure a mortgage. It won't look good if you borrow money for a down payment and then try to get a mortgage with that loan. That's trying to buy a house with zero money down, which justifiably scares lenders.
