Profile picture for ElizabethNunez

Are there any financial options that can help me buy a home over my price range?

I would like to buy a home that is more I can afford.  I have a large family (6 people) and would like to have my elderly mother in law and disabled brother in law come to live with me as well.  However this would take more square footage and number of bedrooms and bathrooms, not to mention handicap accesibility, than we can afford.  Is there any help out there for us?
  • May 10 - El Paso
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Answers (6)

Contact a loan officer at 2 local lenders.  Tell each one your situation.  Perhaps you can use the money your mother-in-law receives each month from social security & disability payments your brother-in-law receives each month as part of your monthly payment requirement for a larger home
  • July 20
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If your mother in law & disabled brother in law receive income, you could add them to the loan; however, Texas is a community property state and technically they would be entitled to the home in equal parts as you.  Another option you can try is the homepath or homepath renovation program, the program often offers bank owned properties for less than what they are actually worth giving you the opportunity to buy more home for less & the homepath renovation allows you to borrower up to the estimated renovation value of the home, money you could use to make the house handicaped accesible. The only disadvantages is that this is a conventional only program so it will limit your purchasing power when compared to a regular FHA loan
  
www.homepath.com

Hopefully you find this information helpfull

Best Regards
J. Miguel Davila
Mortgage Consultant
El Paso, Texas
  • July 19
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Does your mother-in-law and/or disabled brother have any type of income or assets? If so, then you can put their names on the mortgage as well. Since their income will be added, that means you can obtain a higher loan amount. You can also consider other family members as well to be added to the mortgage application as a non-occupant co-borrower. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 12
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Along with the combine household income included all social Security income you still can get help from TSAHC with down-payment and closing cost.. Go to their site and find a lender that work with them. http://www.tsahc.org/
Good Luck
 
  • May 10
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Profile picture for MountJuliet
I'm glad to see that you know your budget limits.  It's most important not to overextend and create additional burdens down the road.

The safest way to accomplish your goal and to keep the budget in check is to put down a larger downpayment.  Although it's hard for me to recommend, if you have a 401k or IRA, there are ways to use those funds without penalty prior to retirement for purchasing a home.  Also, lenders cannot discriminate against people due to their age.  With that in mind, if your mother in law has any income, there might be a way to include it into your loan qualification.  

I commend you for working hard to keep your family together.   

Best,

Bob Sorey
  • May 10
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Profile picture for wetdawgs
Do your elderly mother in law and disabled brother in law have income (or assets) they can contribute for qualification?

How much more are you thinking is appropriate?   1%, 5%, 50%?

  • May 10
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