Our youngest son has decided to buy a home of his own…..he’s single but with “possibilities” of marrying in the near future. He’s always been one of those “pay cash if you can” guys, so although his credit is good he hasn’t built up a substantial credit rating and we’ve been trying to find a lending agency to work with. I’m not sure if he is ready to take on the responsibility of owning a home, especially with upkeep, lawn work and all things asso
ciated with home ownership. Right now he lives in an apartment and these things are taken care of.
Gosh, there are so many lenders out there….how does one know which one is the best? Who is the right lender? What kind of mortgage is needed….an adjustable rate (ARM) or fixed rate. My husband and I have experience with ARMs…..not good. So our advice was for him to get a fixed rate, which as a first time buyer looks to be fairly good.
Since he’s not a veteran, is not disabled and although his income isn’t the greatest, he probably isn’t considered to be a person with low income so VA or FHA loans wouldn’t be an option. When do parents stop worrying and helping their children? The answer in our case is NEVER!
