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Buying a Duplex |
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Hello. I am interested in selling my home in the future (near if possible) and getting a mortgage on a duplex (one that I could live at and rent out, also. Is it still possible, after all that's taken place in the market recently, to put relatively small amounts down payment (e.g., On a $250,000 property at 10 % to 20% down payment). Also, I am currently on Social Security and SSI. Does this qualify as income towards a mortgage? Can I take the profit from the original home and use it for a larger down payment (you tell me the amount) which would qualify me even at my current income status? I hope you can help me. Thank you so much and I'll hear from you soon. Bill Van Pelt |
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Local mortgage brokers can discuss your whole situation and give you better advice than I can. Yes, Social Security and SSI count as dependable income towards qualifying, and so would anticipated rental income from the other half of a duplex. But I don't know the rest of your finances, or the mortgage market in your area, so that's about all I can tell you. |
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Edith
Originally published on December 6, 2007 |
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