Buying a home, need a down payment?

You don't make enough money to cover both mortgages, even if you have tenants, as they are not guaranteed additional income. Honestly, I don't know if you'd get approved even if you didn't own a home already.

You are going to have a hard time getting a mortgage loan with your current debt level and low income. You need to have substantially more down payment, and sufficient assets or income to make both mortgage payments which bear your name, plus the car loan. Before anything, get that $1500 bank loan paid off.

If the others stop paying the current mortgage you will be responsible, and the new mortgage is going to take that into consideration. If that property is insured as your home you will have to change that insurance as the people living there will be considered tenants and the home a rental property.

Refinancing the current property will only hamper your ability to buy another home. Looks like you might need to take on a second job for a while and save up a bundle for a down payment, plus get out of that $1500 loan and the car loan as soon as possible.

If you are intending on leaving this house that you own for good, you should really have the other owner refi in their name only and buy you out.

You would have to show you can carry two mortgages, and on 2k a month, my guess is, that won't happen.

You are also taking a huge risk leaving the place and hoping the other owner doesn't default. As long as you are on that other mortgage, it will hold you back from getting another mortgage and will make you still responsible if the other person cannot pay.

With damaging credit, you will no longer have the potential to qualify for a three% - 5% down charge mortgage. in reality, you would be fortunate to qualify for a private loan that required as low as 20% down, plus you may ought to tutor which you have a multitude of money obtainable (like $5 - $10,000). And, you may get a somewhat severe pastime fee. no longer in ordinary terms that, once you purchase a foreclosure, the supplier (the economic enterprise) does not ought to show any issues of the valuables, whether they comprehend that the region is approximately to crumple, the plumbing and electric powered are shot, and the roof leaks. those subject then grow to be your difficulty and you pay to have them fastened. And, banks do no longer comply with fix issues that an inspection could discover or provide you a wreck on the cost because of the fact of it. the cost is what it relatively is. that's why foreclosure are so less costly to start with.

You could probably find someone to finance you, but I would wait until you could save up the down payment. If you're not in a position to save up some money, you're not in a position to own another house.

You'll need to talk to the lender, they are the only ones who can approve this for you. Anyone on yahoo can tell you "sure, go for it, you'll get the mortgage" but that doesn't mean squatte because they aren't the ones handing you the money.