Skip to main content

Need to purchase a home but I have a new business. What are my options?

My (25f) and I (29f) are in a tight position.

She needs to move out of her parents home in a few months. I don't have space in my small place for us both and will need to move soon as well (landlord selling). We started a business about a year ago and poured most of our savings into that, leaving only around 5k left. We weren't expecting our living situations to change at the time.

We don't want to rent as it feels like throwing away money with nothing in return and makes it tough to save, especially in our area (MA). We also operate a mobile business and need to store our trucks wherever we live. With most of the business loans in my name I think I'll have some trouble qualifying for a mortgage in general.

My gfs grandmother offered to cosign with her on a home to help us get one however with only 5k to put down and a relatively new business, I'm sure many traditional lending options are out of reach for us.

Does anyone have suggestions for what we could try?

Tl;Dr: we have a 1 year old business and only 5k left to put down on a house but need a home. What are some options?

submitted by /u/Accomplished_Mess625
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/13pnbci/need_to_purchase_a_home_but_i_have_a_new_business/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/