All Forum Posts by: Javier Blanco

Hello,

I recently got introduced to this new program. I’m wondering if it would be worth it or even possible to use it to buy an owner occupied duplex in order to house hack?

I am a little bit worried about the two mortgages I would have: the FHA 30 year fixed and the repayable second mortgage covering the down payment to result in 100% mortgage financing. Also I'm guessing the PMI would be higher and it will also be harder to refinance after 1 year or more to get a regular 30 year fixed to stop paying the PMI.

Are there any other better DPA programs in GA? Should I stick only with the FHA loan and pay the 3.5%?

Hello,

I recently got introduced to this new program. I’m wondering if it would be worth it or even possible to use it to buy an owner occupied duplex in order to house hack?

I am a little bit worried about the two mortgages I would have: the FHA 30 year fixed and the repayable second mortgage covering the down payment to result in 100% mortgage financing. Also I'm guessing the PMI would be higher and it will also be harder to refinance after 1 year or more to get a regular 30 year fixed to stop paying the PMI

Anyone has any experience with this kind of loan?

@Jose Perez

🙏🏻🙏🏻🙏🏻

@Fred Frontstone Yes but thats part of the problem. How old are they? And also my father’s back is damaged because when kid he almost killed himself hiking. So he cant do some jobs even driving for too much time messes him up. And rehab and treatment of back will be more expensive than not having a job. So that takes away some jobs

@Fred Frontstone Sadly thats not how corporations work. We are in the situation we are because we left from venezuela. The currency has no value and we had to sell everything to come here.

@Fred Frontstone He is 58 and he had some really good positions internationally, so he is overqualified for most of the positions and then too old for others.

@Anthony Wick Thank you very much Anthony! And that is exactly what I think! Of course I want to help but right now I am 22 years old and I feel like I should be good first in order to be able to help others. Sadly in most of south america were I am from (venezuela) you are expected to help family you know take care of your parents when they are old (thing Inagree with) but when they actually need not when they are rellatevely young (50-60) and still are able to work. But again the problem is that my father hasnt been able to find a job, my mother doesn not know english and her health condition doesnt help right know. My brother thinks we have to help and when I explained him this, that I “didnt“ want to help at least right now he told me how cam you be so selfish you can do whathever you want but if you dont help you are dead to me. I just dont understand how they dont see that the best option is to buy a house in order to rent some space! but they want a ****in condo or townhouse, it looks like they dont understand they situation! And I wanted to buy my duplex in january to house hack

Thank you! @Nathan G. Yes Nathan! That is exactly what I think business and family shouldnt go together they always end up bad! And yeah the duplex is a horrible idea because thats the whole point the dont have the money at least right now to pay the mortgage. Thats why me and my brother would have to help with that. They have money for the down payment. My father is trying really hard to get a job but nothing yet and sadly my mom is in no condition to work at the moment.

@Rich Senyszyn Thank you very much! The main problem is that its not only me the one who is going to pay the monthly mortgage but also my brother. But I already said no way I will cosign on that loan. Yes, that would be my plan getting a bigger house or an actual duplex so we can leverage some of the expenses through rent, but my parents and ironically brother are saying I cant think of that house as an investment because my parents just want a house to live comfortably their retirenment (which makes me ****in mad) because its such an stupid idea especially with our situation. I am extremely frustrated, everybody is making me seem as the bad guy that doesnt wanna help the family because I have my own plans.

Long story short. I am inmigrant, my family and I got here (Atanta) aboit 4 years ago. My father got laid off in May and due to his age and high level of expertise its really hard to find a corporate job. My mom cant work at least right now due to health issues. We have been renting a condo all the time but now since I know quite a bit of real estate I have been telling them that renting tnalthough it was convenient due to different factors it has also been a waste of money. They agreed to try to find something to buy but my father doesnt have an amazing credit score like me or my brother, plus he is unemployed so he wont get a mortgage. I told my brother that he has to be the one getting the mortgage because I have plan of starting my real estate investing career in January (buying a duplex) so I cant have a mortagage like that on my name because my debt to income ratio will be high. Also they want to get a condo or a townhouse because its more comfortable and I am here dying in my mind thinking on HOA fees, not having an extra room to rent for house hacking, etc. My brother told me that one of the lenders told him that the loan options would be better if we both are in it (me as a cosigner) thing I refuse to do. If I help, I want to do it under my terms. Buying a house, getting an FHA owner occupied or something like that. Please I need some advise!!