Updated over 3 years ago on . Most recent reply
UPDATE: Met with loan officer today
Today I met w/ a loan officer & discussed options. As you know, to qualify for VA or FHA one has to live at property. So that option's not available for me b/c my 88 yr old mum & hearing impaired daughter live w/ us.
I did ask him if I could keep our current house & I move in, would that work? He said, Yes & No. I didn’t really explore it further b/c I can’t leave my mum.
We talked bout need to put down 25% (instead of 20) just to get a better rate. Course the more u put down the better, but the flip side is the less reserves you have. So it’s tricky.
The loan officer said that I'm good to go for getting a conventional loan at whatever amount I needed (to a point, I'm sure) but at least that was good news.
Next stop/option for me is to look into HELOC.
Thanks for reading.