I live with my brother and we have been renting a townhouse together. However, our landlord is moving into the townhouse and we have to be out by the end of the month. My brother and I figured we should buy instead of renting, given that renting is getting too expensive for us. He got approved for a mortgage of $250k. We have been looking for houses around $175k to fit our budget. This is where things get tricky...my brother doesn't have enough saved for a down payment. Should we rent until we can save a little bit of money for a down payment? Is there anything we can do that will give us the opportunity to put a little less than 3.5% as a down payment? Or should we just continue renting and not have anything in savings? I honestly don't know what to do, I want to find the best and least expensive way out of this, especially since we don't have much time.
Also, he got approved for FHA. I'm not sure if that's helpful.
Submitted July 12, 2017 at 10:52AM by Daisy123445 http://ift.tt/2tesmt7
