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My dad is 86, has $500K in bank, owns prop worth $300K, income $1100 month. Can he get a mortgage

Excellent credit, on social security.  Wants to purchase house for $250K for daughter.
  • August 09 2009 - Eugene
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Answers (14)

Profile picture for bebrave
I'm not in the industry, just a consumer, looking for answers and a possible lender.  i was fortunate to find a great one, on a referral from a friend.  I appreciate you all for sharing your expertise with a novice.
  • August 25 2009
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"What's with the sniping back and forth?  Not very professional."

What else would you expect in a ZMM smackdown?  This is a site with differentiating "so called"expertise opinions....what else would you expect?
  • August 24 2009
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Adam,

What kind of a mortgage will he be able to get on income of $1,100 a month.  Keep in mind he woud be buying this for his daughter so he would have his current living expenses to carry as well.Not to mention the thread is two weeks old...Details...who needs them?
  • August 24 2009
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Dear Be Brave,

From what you list above your father appears to be well qualifed. Even though he could pay cash he still will likely have to prove a couple of things relative to his monthly income that he draws and his credit score. In general, however, given what you've listed above I would say he should make it if everything comes in line.
  • August 24 2009
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What's with the sniping back and forth?  Not very professional.
  • August 11 2009
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"Gregorio: read my last post, I am sticking by it."

I did and this is what you said:
"Oh and two of those quotes, were the same quote :)"

If you are referring to the post you made before that where you said: "This will seriously be my last post to this thread."

You apparently lied, which is no surprise to us since you seem to have lied and faked your 2 reviews using real estate agents.

Have a great day Preston.
  • August 09 2009
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Wants to buy a home for his daughter, which means she can be on the loan with him.  Assumed daughter didn't make enough income to qualify, or didn't qualify for some other reason and FHA loan could get past.



Gregorio: read my last post, I am sticking by it.

 
  • August 09 2009
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Thanks everyone for your answers.  Daughter in question has good credit, working, owns a home.  Looks like it would be best for daughter to finance on her own.  I appreciate your insight.
  • August 09 2009
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Michael I agree, but what if the daughter filed chapter 7, 2 months ago?
  • August 09 2009
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He can probably get a loan.  He may function as a non-owner co-borrower with the daughter.
  • August 09 2009
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Care to comment on this thread Preston?
  • August 09 2009
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Preston, does FHA allow investment property loans? It says he wants to buy a house for his daughter.  
  • August 09 2009
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He probably makes money from his investments and counts as income, plus he probably has mandatory withdraws from investments because of his age, which will count as income.  Also FHA will allow huge ratios with such good asset reserves.  Your best bet is to have someone run his file through automated underwriting, and see what comes back.  Higher down payment will also help his case.  
  • August 09 2009
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What is your sister's story, have a job, credit?
  • August 09 2009
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