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How to Mortgage House with 50% down.

Established Member

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?

Message 1 of 5
4 REPLIES
Moderator

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.

Message 2 of 5
Valued Contributor

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!
Message 3 of 5
Valued Contributor

Re: How to Mortgage House with 50% down.

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

Message 4 of 5
Moderator

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 Smiley Sad

Message 5 of 5