Blue,
I’m in the mortgage biz in Murrieta and can give you the truth about your financing possibilities.
Anybody can say that, I’ll prove it to you.
You didn’t say exactly how much you have to put down.
Did you ask for any seller contribution to your closing costs ?
If it’s your dream home, it is already a whole lot less than you would have paid several years ago.
It is probably going to drop in value more, but monthly rents may not drop. It’s still going to cost you to live somehwere every month.
If you are willing to look at a non-recourse purchase loan for what it is, then you will just be renting from the lender for awhile, with a slight possibility of appreciation, maybe, someday.
Without knowing what you qualify for, it’s impossible to quote a rate or payment.
With 10% down, If you are looking at a fully amortized payment, fixed for 30 years, with MI, at the PAR rate, your net housing expense (PITI) per month will be over $3000 per month EVEN IF your situation/credit score/income is perfect.
With 20% down, a $360K loan at par TODAY would have payments of $2154 PI. + TI
No matter what you decide to do in CA, buying rental property for CASH is not a wise thing to do.
There are other creative ways to look at your situation.
J, Your comments are simply foolish.
I’ve had the same accountant who I respect and have used for over 25 years, and he doesn’t understand the first thing about originating a loan, nor does he want to review loan docs. That’s not his concern.
AND
A home can be sold on the first day listed if it is priced right.
