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shufflezz

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I was approved for 166k. But the house I want is 420K.
I live in SF bay area. I currently pay $2000 per month for rent. I need a home for my elderly parent, and two family members. One which is disable and the other is the caregiver. Our rent keeps going up every year and we need more space. If I move a hour away from my job I am able to find homes 380k-420k . I'm the only one in my family eligible for a loan. But I receive money from everyone to help pay rent and expenses. I have no debt. No loans. I have 1 credit card, credit scores are in the upper 600's. What can I do to get this house? or am I SOL?

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First of all Bless your heart for what you are doing? Honestly, I would stay within my budget. Remember do not be an emotional spender. Your feelings is saying you want a house way out of your budget, also along with current living arrangements that you can easily justify why you need the higher mortgage. However, the facts are; you have a lender whom have for a lot less. Use wisdom, try to find a home that has been through foreclosure, hire a real estate agent to help you with houses within your budget. Use the money that you receive from your family as extra cushion. Remember, anything could happen, a mortgage is in most cases a 30 year committment. I did something similar with my finances about 5 years ago. Was approved for about 160k and I found a home (through God's grace) a foreclosed one that was assessed arournd 210k for about 155k!!! 2700 square feet! There is a perfect home out there for you but you got to use sound judgment and look for it. Be patient you will find it in due time. Happy house hunting!!!

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