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Beauty&Brains | HELP. I have an opportunity to buy a 2500 sqft home for 360k and no down payment with an interest only loan? |
for 7 years. This is because my parents cannot sell it in time and will have to foreclose. I only make approx 45k a year, I can afford the payment because I have permenant renters (brother and sister) but I am afraid to take the risk in case the economy gets worse, and I wouldn't be able to sell it.
On the other hand if the economy gets better and housing prices go up with in five years I can sell it and make a profit, also would give me massive tax refunds and I will be able to stay in the beautiful home I live in. My car is paid off so the only other expense I have is insurance and utilities.
What is the wisest decision?
I am so torn....
Additional Details
PS THIS IS MY PARENTS INVESTMENT HOME SO THEY CANT REFINANCE AND GET THE INTEREST ONLY LOAN FOR THE LOW RATE ALSO HAS SOMETHING TO DO WITH THEIR HOME THEY LIVE IN NOW. PLEASE READ THIS CAREFULLY THANKS ALL STARS ? ? |
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Real Estate Guy
|
NO NO NO. You just can't afford it.
First, how do you know that the place is worth 360k. I'm guessing that is what is owed on the property. Before I would even consider buying it, I would have it appraised.
2nd. You can't afford this. With 45,000 a year income, you can afford a TOTAL payment of $950 a month.
With a interest only lown at 5% on a 360,000 mortgage. Plus taxes and insurance and upkeep each month, your total payment would be 2,500 a month. You JUST CAN AFFORD IT.
In regards to the brother and sister renting. What happens if they move. You can't depend on renters, even family. Lives go on.
It sounds like your parents are NOT looking out for your well being. They are in trouble and trying to get out of it - even if it pulls them down.
DON'T DO THIS.!!!!!! |
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reburthofslick
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I'd go for it, just make sure you can pay for it once the interest only loan expires. |
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REALTOR in TENNESSEE
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it is not the economy I am worried about here. 45k is a pretty good income for most of the average population but 360k is way more house the any of thoes people live in. You should not look to buy a house worth more than 180k and that would be on the upper end of what you can afford. Intrest only loans is part of the reason the economy is hurting now. If you cant afford the regular payment I would stay away. AS far as permant renters go it is not wise to rent to family. In the end you will get tooken avantage of even if you think you want. |
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javy
 |
In the USA today, one of the top economic.proplems is Housing with loan. Housing Developers also get loans for financing (some in dubious or irregular practices) their constructions. These loans pay interest and naturally, adding computed profits are passed on to customers or buyers. The customers or buyers also buy the houses on loan so there is again added another interest and maybe surcharges and penalties if their loans become delinquent in let,s say 3 or more months or up to the time the house will be foreclosed. Perhaps that is what happened to your parents, as they were forced to foreclose the house.
Because the Developers have also loans to pay, they will run out of cash because there is no more cash payments on foreclosed houses and those houses cannot be sold easily or quickly. The domino effect is now at work. Even the banks who gave loans to the developers or financed the housing loans of customers is now affected because they are not receiving the projected cash inflow. There is now a credit squeeze.
On your investment plan re housing, I suggest you go slow before making a final decision. 1. A house is not as liquid as cash or marketable securities. 2. You cannot be sure that your brother and sister will pay you on time. 3. Study well, why your parents foreclosed the house. Whose fault? 4. Is the developer financially stable? 5. You did not mention how much is your installment yearly. Are you stable in your job? 6. Observe if the Housing Industry is improving and how the government is helping.
I am not a real estate expert. Above are just what I learned and opinions. It is my hope I have given you some help. Good luck. |
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firelillyz
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Interest only loans are truly something you should Never get into without knowing whether or not you are fiscally responsible. If you feel comfortable in your current job and if you feel secure enough to go forward then it may be a great investment.The market you're in, your financial stability, and how much it means to your family are all factors.... |
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Katie143
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There is no way you can afford this house making $45K a year. Also, if you are purchasing a primary residence you cannot derive rental income from that home due to mortgage guidelines. There is no such mortgage product for 100% financing as an interest only loan. If you are doing this as an investment property and are not going to be residing in the residence you will not be able to use the rental income at full value because you do not have a history of receiving rental income (must have a 2 year landlord history to use rental income for qualifying purposes). I don't know who is offering this loan product to you, but they are incorrect. Also, you are not going to be qualifying for the loan on just the interest only terms but at the full PITI payment. |
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Michael B
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Go for it the best investment is property or a house you can't lose. Just always make your payments on time |
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Ross
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You say interest only for seven years, is the rate fixed for seven years. If the rate is fixed, the home is priced right and you can afford it, yes. Make sure the loan available to you is one you can live with. With your income I don't think will ever have the oppurtunity to re-fi the home.
I wouldn't worry about the economy, within the next seven years I am sure the real estate market will go back up and you should make a profit.
Another consideration is how long will your renters, bro and sis, be there. If they leave can you afford the payment, are you prepared to get new renters. |
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vqualls
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If you can pay it off in seven years i think its great. Even better if you are a young adult and will have a payed for home. BUT I have a rent house and would never ever rent to brothers or sisters. I wouldn't rent to brother in laws or any relative. Its just good business. Even if your brother and sister are mature and have great jobs its just not good business. There are lots of things that can go wrong, one being say one of them lost their job. They would more likely than not expect you to let them ride on their rent. SORRY! |
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Mark
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Don't do it, 360,000 is a LOT of money for someone making on 45,00 a year. regardless of what the economy does, this can turn out to be a bad situation, and ruin your credit. Interest-only loans are horrible, because you won't gain any equity in the property so you would only make a dime if the housing market went up and the value rises, otherwise you could possibly lose money in the end.
Don't do it, you will be happy later on when the housing market is just as bad as it is now. Get something thats more in your budget.
Good Luck to you! |
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no body
 |
its situations like this that caused all the problems in the housing market to begin with. "interest only" and "subprime" loans...
yea, thanks.. |
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envy
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Stay way from interest only loans. Yeah you might be comfortable f/ a couple years but when your mortgage increase, expect it to increase 2-4 times more. |
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