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Home Mortgage Products: Best for me?

Sent to Finance Experts June 17 2005 at 5:11 PM
   

What is the most financially advantageous type of mortgage product for this circumstance:
Family buying home for collegiate son, who will rent to roomies to subsidize.
Son is unemployed student; Family is two-income, with about 3 yrs left on primary residential mortgage.
Can put 20% down on our target $150K home, and want a 15 yr note.
What's the best product? Will it have to be classified as investment property? Can my son still qualify for homestead exemption even I'm the primary responsible party on the note?
Wa
No vets.

Customer (name blocked for privacy)
Status:  Closed   Value: $15
Info Request
June 18 2005 at 1:13 AM (8 hours and 2 minutes and 30 seconds later)
         
REPLIED to Info RequestCheck Mark
How long will you be keeping the property, and where is the downpayment comming from? What is your goal ...low payment or equity build up? When do you plan to retire?.

Please ACCEPT the reply, and give a BONUS if it was useful. If you need more information, just let me know.
Best Regards


God Bless & I wish you love, Joy and peace.

Dr. Dave, MBA, Ph.d
Reply
June 18 2005 at 3:03 AM (1 hour and 49 minutes and 57 seconds later)
         
Reply to David's Post: Not the answer I was looking for
Customer (name blocked for privacy)
Info Request
June 18 2005 at 1:13 PM (10 hours and 10 minutes and 12 seconds later)
         
With respect, David's reply to your question was not an answer -- nor, was it so intended.

David was asking for additional information regarding your specific situation. This information will enable him to give you a more precise, correct and complete answer to your question.

Please note that such 'Info Requests' are not answers and thus, do not require acceptance (payment).

Thanks in advance.

Steve


Edited by Oreport on June 18 2005 at 1:14 PM

Counselor /listener/collaborative problem solver. Thanks!
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Steve -- a.k.a. Oreport -- Counselor -- 100% Positive Feedback on 12 Finance Accepts
In my 30 yrs experience as a Counselor many clients' problems include financial dimensions.
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