Creative financing Q

[Julie J.]

Hello all

I am trying to buy SFH, probably cost a lot more for what I qualify for. I have good income with substantial down-payment. The only problem is getting qualified for the loan because even with good income and down-payment, I think the homes in my area cost a lot more than what I qualify for.

Please, anyone has done creative financing or know anyone who specializes?

Thank you all

JJ

[Mike Grudzien]

Julie,
"good income and down-payment" are vague terms.  The exact amount that you qualify for is a specific number.  You can sit down with a lender to "run numbers" and find out roughly what you qualify for.  That's a Pre-Qualification.  It should not cost you anything to find that out.  Then you may shop in that price range.
Tip: check with your local credit union: they will consistently have better rates and often the underwriting of loans is done locally.
Mike

[Chris Seveney]

@Julie J.

My recommendation would be to wait until you can afford a home with traditional financing. Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.

Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad. It’s done but can be risky.

Just my 2 cents and how I approached my real estate / home ownership process - not saying it’s right or wrong just sharing my experience

[Julie J.]

@Chris Seveney

Thank you Christ for your input.

[Julie J.]

@Mike Grudzien

Thank you Mike for your input