Question: I want to purchase my first home but have two obstacles: 1) I just >started my new job and don’t have a lot of work history, and 2) have a >lot of debt due to past medical problems. I have excellent and abundant >credit, not a single bad mark, I just have a lot of debt. I don’t think >I can get financing, and have asked my father to help me buy my home, >and he has agreed. He is retired on a good fed. gov. pension, owns his >own home, has picture perfect credit, and is completely debt free. My >questions are:
>I live in Florida.
>Would appreciate any help and advice on this.
Answer: First, have a Mortgage Broker get you prequalified. THe broker will be familier with many lending programs and can give you an honest opinion of what you can and can’t qualify for. It may help if you have a written repayment plan for your debts so that a lender will see that you have a resposible attitude toward your finances.
About your father. The best way for him to help is to just lend you the money. Make sure that it is structured as a mortgage, not a personal loan. Be fair, give your father an interest rate that is better than he currently gets on his investments.
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