How much downpayment do i need to buy a house in san jose ca?
ShauntaWe have been denied twice for an FHA loan. My wife and I have been claiming my parents house on our taxes for the past two years. We do not live in my parents house but is under our name because my parents couldn't refinanced it on their own due to credit issues and income. What options do we have? Is there any other way around the 10%, 20% down payment requirement?
LakeshiaDo you know why you were denied for an FHA loan? Is it because the mortgage on the property is an FHA loan? If so, FHA will only allow 1 loan at a time unless you fall into one of the exceptions. Lets say your family has out grown the home and you need something bigger, that is one of the exceptions. If you can not qualify because of debt to income issues, the only option is to "sell" the home to your parents.
HisakoNoObviously, if you cannot get FHA which is actually a bit easier to qualify for than conventional methods that do require at least 5 to 20% down, I would say that having you on the title or mortgage of the parents home is holding you back debt to income ratio wise. Even if you have 20% down, if you don't have the income requirements to carry 2 houses, it isn't going to matter much. Being they have paid for the last 2 years on this house, you might find someone to give you a loan, but not for the FHA 3.5% down. :-(
GenieIf you cannot afford to put even a small 10% down payment on the house, that is a GREAT indicator to the bank that you cannot afford remaining 90% of the house. The good old days of giving loans to people with who truely cannot afford them are long gone. If you have been denied by FHA twice, then you need to seriously reconsider buying a house because you have bigger issues at play.
ShawndaNo. If you can't qualify for FHA the only other loans have down payments and they would depend on how good your credit is.
AleciaYou'll need to buy using all cash if you have been denied a home loan by FHA.
LanetteThat is what happens when you commit fraud.
