Would loan amount increase If I increase down payment on a FHA loan?
josegg - 2008-05-05 13:56:49 - Renting Real Estate
I qualified for a 200k loan with 3% down payment required. I am getting a FHA loan.I have two other people living in the house with me and one of them is a friend I have lived with for over 6 years. We finally decided to get a house instead of renting. My two questions are:
Would it be possible to increase the loan amount if I am willing to put down a bigger amount down as down payment?
Would it be possible to add my other friend to the loan if he has 2 years of unfilled taxes. He also does not have a current job. He does however have a lot of money saved.
Any help or advice would be great.
Best Answer:
WOW, you like to complicate things!
a; the downpayment is a matrix
determined by the fed and the bank.
IT is not a way to increase your
loan [the loan amount is based on
the appraisal value, not the down!]
----------
do not now add your fried to the note.
that can make things stretch way out; banks are leary.
if he has $--have him help you open a small venture capital firm and
a true hard money lending company;
both which will earn him over 35%
risk free, annually.
I can teach you both how to do so.
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Answer:
kemperk - 2008-05-05 14:05:37
WOW, you like to complicate things!
a; the downpayment is a matrix
determined by the fed and the bank.
IT is not a way to increase your
loan [the loan amount is based on
the appraisal value, not the down!]
----------
do not now add your fried to the note.
that can make things stretch way out; banks are leary.
if he has $--have him help you open a small venture capital firm and
a true hard money lending company;
both which will earn him over 35%
risk free, annually.
I can teach you both how to do so.
