HELP. I have the opportunity to buy a house 360k 2500 square feet and no money down with interest-only loan?
for seven years. I've been living in it for two and have been paying rent to my parents. This is your home investment and can not afford the payments on this house and others because to a balloon mortgage on another house. They are refinancing but you want to get rid of this house. I make about 45k a year and can make the payments because I have my brother and sister as tenants for atleast 5 years. That would get massive tax refunds and would help build my credit if all went well. In addition, if the market improved after they could sell and get a decent profit. I love this house. However, if the market is not better or I lose my job could be in serious trouble. I'm so torn because I want to help my parents and I want to keep the house, but I want to make the right decision. Please please help. Thanks for serious answers.
Am ZORCH according to … Stay away from interest-only loans. I can not believe your parents, madethose two stupid mistakes that would be willing to leave you enter another stupid mistake. housing values deflate back to what it should be after speculators helped inflate the economy to money fast. You are making assumptions about their safety from his brother and sister of five years. Never mix business and family. You make a good case for that if things go wrong scenario. I stayed as far away as possible from it. I would only do so if it had enough cash in the bank money for a living for a year complete in case I lost my job. With zero down on this house, I guess that is not your situation. Seriously … Parents this is your mess. You can help, but only to transfer the mess for you is very irresponsible of them I think. Two factors to consider in any investment decision: 1) Rate of Return 2) Risk and uncertainty the risk of the expected rate of return. If the tax we are talking about are not at least 10% return on what you would pay in this house every year … do not.
No Down Payment Mortgage
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