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Established Member
uroosa1
Posts: 61
Registered: ‎07-21-2012
0

How to Mortgage House with 50% down.

Here's The situation of a friend:

 

He wants to buy a house 120k. he has 60k down.

 

But only has 12k year on tax return. His fico is around 670.

 

 

Can he somehow get a FHA Loan. Is the 60k down verified?

Community Leader
Senior Contributor
StartingOver10
Posts: 4,581
Registered: ‎03-06-2010
0

Re: How to Mortgage House with 50% down.

Yes, he can get an FHA loan with 50% down. Yes, all funds are verified.

 

He also can get a portfolio loan rather than an FHA loan and then he won't have the MI to pay.

Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: How to Mortgage House with 50% down.

His or her income still may be an issue.

Balance if 60k plus insurance and taxes may be out of their price range.

With 12 k a year it wont be feasible and most likely unaffordable.
Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: How to Mortgage House with 50% down.

You cant even buy a car with 12k a year, could you even buy a home.

Community Leader
Senior Contributor
StartingOver10
Posts: 4,581
Registered: ‎03-06-2010
0

Re: How to Mortgage House with 50% down.

I'm sorry, I was wrong. ^^^The above posts are right. DTI and actual income to afford the loan are still the major factors. I don't know what I was thinking with a $12k/yr income :smileysad:


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