“Hi Gary, If someones household income was around 85K and they wanted to buy a house valued at 570K but only need a loan for $410K, are there lenders who would touch this and bring in a house payment for $1,925 or less?
***ANSWER:
For a 30-year fixed loan at 6.5% rate, theyd be looking at $2,580/mo., NOT including taxes ($540/mo.) and insurance ($60/mo?).
To get a $1,925/month payment, NOT including taxes and insurance, theyd have to get a very low start-rate adjustable negative amortization (meaning the loan balance would go UP) that would soon adjust to more than the $2,149, and increase further later.
These loans are fine for many people who will definitely get a large raise or increase in income in the next year or two.
But if they wont be getting that, they should not buy the house.
Strategies To Sell Your San Diego Home
