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Started By
Message
re: House Mortgage Question
Posted on 4/12/24 at 10:37 pm to Double Oh
Posted on 4/12/24 at 10:37 pm to Double Oh
quote:
Just kind of perplexed if a couple can afford $1500 rent then why can’t a bank see that they do pay and wouldn’t have a problem paying a mortgage note. We talking a house less than 200k with 20% down .
After 2008, it is not terrible that lenders require buyers to be qualified. A $160k mortgage (after putting $40k down on a $200k loan) with insurance, taxes and utilities is going to be at least $1500 IMO. And, with rent they can just walk away. Banks don’t want them to walk away from a mortgage.
If you believe in them being able to pay the mortgage, you can always co-sign the loan. After they build credit for him, they can refi and get you off the mortgage. That is the easiest solution.
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