I'm a coborrower on my brothers house loan and he is gonna sell it is it true that if I want to buy one after he sells it I need 20% of downpayment

Can I use my gf as coborrower since she's a first time Buyer but doesn't make a lot of money to get it herself
(0) | asked by: Omar Guzman | share | 4 months ago | Report
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answer by John Man    |   Visit My Website   |   Contact Me
what you just described is call straw purchase.
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3 months ago  |   Report   |   share
answer by Amanda Yoder    |   Visit My Website   |   Contact Me
Hi Omar, I believe your wanting to know about purchasing a home with $0.00 down payment? There are several programs out there. Get in touch with a GOOD lender. Happy House Hunting!!
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4 months ago  |   Report   |   share
answer by Dan Skidell    |   Visit My Website   |   Contact Me
Omar, there are loan programs other than conventional loans that require 20% down such as a government backed FHA which typically requires 3.5% down. However, there are other factors and underwriting guidelines involved including Mortgage insurance premiums that get added to the loan to protect the lender in case of default. If you are working with an agent, he/she will likely be able to refer you to a loan specialist to get you pre-qualified. Hope this helps!
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4 months ago  |   Report   |   share
answer by Harjeet Bhatti    |   Visit My Website   |   Contact Me
You don't need 20% down payment to purchase new home as primary residence.
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4 months ago  |   Report   |   share
answer by Olivia Smolin    |   Visit My Website   |   Contact Me
The quick answer is no, but there's more to consider. First of all, there are many types of loans. An FHA loan allows you to borrow with as little as 3.5% downpayment, but there are limits on the amount that you can borrow, and other conditions. You can go to fha dot com for more information. If you are a veteran, you can also get a VA loan with no money down at all. Check out veteransunited dot com. In any case, one of the advantages of working with a realtor, is to have someone that can guide you and refer you to professional lenders that will be able to help you with your situation.
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4 months ago  |   Report   |   share
answer by Jeanine Catron    |   Visit My Website   |   Contact Me
Depends which loan you consider. There are many loan options. It would be a good idea to talk to a/your mortgage broker. Ask about ALL the options and decide which fits your needs the best.
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4 months ago  |   Report   |   share
answer by Noe Renteria    |   Visit My Website   |   Contact Me
No, as there are many more variables to consider that affect your down payment percentage. Your mortgage broker can advise you of your financing options, which are many.
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4 months ago  |   Report   |   share
answer by Rich Reed    |   Visit My Website   |   Contact Me
Hi, Omar, your situation by itself may not require a specific down payment. There are many other factors. Contact a licensed local loan broker for advice. Thanks!
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4 months ago  |   Report   |   share
Seb Frey
answer by Seb Frey   
I don't see why you'd need a 20% downpayment to buy your own home - with a FHA loan for example you'd only need 3.5% down. You should be able to have your girlfriend as a co-borrower too.
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4 months ago  |   Report   |   share
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