How to qualify for a 40 year mortgage?
So, My brother is a truck driver and makes about $ 40,000 a year after everything is taken out. He makes about 3,200 monthly. He wants to buy a home nearby that he really loved, 3 acres, big house, guest house, its worth $ 420,000 according to Zillow.com & it’s listed for $ 270,000 as a short sale.
He was only qualified for $ 205,000 on a 30 year mortgage. Will it make a big difference if he asks about a 40 year mortgage?
Another thing: My parents really want him to buy the house because we might loose our current one [the bank will not help my parents because they are not behind on any payments] and if my brother buys the house, my parents can take the main house and my brother the guest house and my parents can pay most of the mortgage.
The one we are in now was $ 259,000 in Jan. of 2006, and now its valued at $ 116,000.
So what other ways can he qualify for a $ 270.000 loan?