Trying to buy a house..

**mK330** · 12-04-2009, 10:56 PM

I am not sure if these are noob questions, we are just new buyers.
Sorry if its a long read.

Anyways, My family already owns a town house under my sisters name, the cost was around 240k,the payments for the house is around 1200. its been around 7 years now we had it. She makes around 5k a month. She has some school loans still(not sure how much), and a 700 dollar a month car payment. Her credit is around 780 or 790. We talked to a local real estate for a house loan, and we got quoted for maximum 450k.

We want to rent out the town house, and buy a house.

I was wondering, is this a dead end? There is no other way we can get maybe around 600-650k loan in this situation nowadays? Also is it illegal if you ask a relative to take loan for you, but you live in the house and pay for it? (sorry if its a stupid question lol xD)

Thanks in advance.

**Sabir** · 12-06-2009, 10:58 PM

this depends upon what kind of house you are interested in. Buying of house is a good decision specially when you have multiple options. I suggest you to go for your interested location. Good Luck

**Luxury Homes Tampa** · 12-08-2009, 09:19 PM

Originally Posted by Sabir

this depends upon what kind of house you are interested in. Buying of house is a good decision specially when you have multiple options. I suggest you to go for your interested location. Good Luck

Look at this guys signature I dont think mk330 wants to buy house in Pakistan.

Hi Mk330,
I think I can help you but first I need to know where you live.

**mK330** · 12-08-2009, 09:40 PM

Originally Posted by Luxury Homes Tampa

Look at this guys signature I dont think mk330 wants to buy house in Pakistan.

Hi Mk330,
I think I can help you but first I need to know where you live.

I live in Burbank,ca. We found a house in Tujunga,ca right now for around 370k. I found out recently that we have to to major cutting in spending so we can get 450k, but right now with the current situation we can get a loan for around 300k. We are going to check the house tomorrow, see how it is.

**Johndoe234** · 12-09-2009, 04:39 AM

It is a good you have planned to buy a house. But getting loan on relative's name is not possible. Because the house will be in your name. so the loan also should be in your name.