Advice for a life time renter wanting to buy a house, any help?
My Dad and I live together. He is recently widowed, as I lost my mother last year. We want to do what my mom’s dream was, and that’s to own a home. Here’s the situation though, we are pretty clueless about what to do to get the best deal, and if we’ll be able to get a house in the first place. The reason why we are nervous is because my Dad is 52(i’m 21) and just from my assumptions, most mortgage companies will probably turn us down for a 30 year loan due to my Dad’s age, and I don’t think we could afford 15 years. We have a significant amount of money to put down, but the problem is, we don’t make that much in overall annual income. My Dad alone brings in about $ 30,000 and I’m looking/hoping to bring in about 5,000-10,000 this year. Any advice or help for us first time buyers, would be highly appreciated.