Lots Of Equity In This One
I am working with client who wants to purchas a property currently renting. I am a mortgage broker (hence the screen name) and they are a little light in income to qualify for a home purchase in the range they want.
The co borrower the mother owns a home $30K mortgage balance @ value $120. She does not live there but her son does who pays the mortgage and taxes about $550. Per month.
I want to wear my REI hat and my mortgage broker hat on this one. Anything here. How can I provide them more income so they can qualify for the home and I can acquire that house with lots of equity. Can I lease option this or something. How would you handle this?
Thanks
[ Edited by Mortgage_Guy_Tampa on Date 11/08/2007 ]
Run away from them. The only way to boost their income is via fraud. If they do not make enough to buy the house they want they better settle for what they can afford
You are a broker, so I assume you know that if you lease option the house to them for 12 months then they can refi. Also, the mother could get a HELOC, take out the money, give it to the kids for their down payment.
How much is the house, how much do they make, and what is their debt?
many lenders allow a gift of equity.