A client who works and lives in San Francisco wanted to buy a house for $250,000 outside the City and close to the BART station. Though he saved over $40,000, he wanted to have a small down payment.
When we asked him why $250,000, he told us that this is what he thought he could be qualified for. After checking different options, we ended up with the purchase price of up to $350,000 (which allows him to buy a better home in a better location).
To avoid mortgage insurance, we suggested increasing the down payment to 5%. After running his credit report, we also suggested paying off some small consumer debts to enable him to be qualified for a great mortgage.
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Date: Thursday: September 11, 2014 RSVP on Meetup.com OR Facebook OR email [email protected] |
