We would like to sincerely thank Tim, Sherri, and Amanda for their assistance with our recent home purchase. We just closed in our home last week and are so excited! This is the 2nd time that we have worked with this team (we purchased our first property from them in 2019) and both times have been amazing. They kept us informed every step of the way and were available to answer any questions that we had. All of the people on the Moreira team are highly knowledgeable, responsive, and skilled in what they do. They let us know exactly what we documents we needed during the process and worked hard to provide any clarifications during the preapproval process. We were able to purchase our forever home and cannot thank this team enough! We will be sure to recommend them to all of our friends and family! The Moreira team is not only awesome to work but they are very friendly. As most people are aware, the home buying process can be complicated and they eased our concerns with their expertise and friendly personalities. If you’re in the process of buying a home, don’t hesitate to reach out to the Moreira team. They are wonderful!
Our client came to us with the intent of purchasing a home large enough for multiple generations.
- Loan Type – Purchase
- Program – Conventional
- Sales Price – $625,000
- Rate – 5.5%
- Down Payment – 10% ($62,500)
- Estimated Monthly Payment – $3,554
Our team had assisted this client with his previous home purchase a few years earlier so that he and his wife could be closer to their son & his growing family. After some time and a lot of consideration, they decided it would be best if everyone lived under one roof for a multitude of reasons.
There are a few challenges that present when considering a house for more than one family to call home, while ensuring qualifying factors per the loan requirements are met.
- Finding a home in a location to meet the needs & desires of residents ranging in age from infancy to retirement.
- Since there will be multiple adults in the home, whose income, assets, work history, etc., would be used for the loan.
In order to maximize their purchasing power, we first discussed the proposed down payment, closing costs & prepaids, as well as the projected monthly payment. While our client did have sufficient funds to meet the down payment, closing costs & prepaids, his pension could not support the new monthly payment. His son has a well-paying job with a credit score in the 700’s so we discussed adding his son to the loan as a secondary borrower. By adding his son to the application, this allows us to consider both of their respective earnings & assets in the loan approval process.
By nailing down their affordability from the beginning, their realtor was able to present homes only within this range for consideration. After touring several homes, their offer was accepted at $625,000 with a closing 30 days out!
- This multi-generational family found a home with plenty of space and in a great school district, meeting their wide range of needs.
- By utilizing both the client and his son’s credit, income, and assets, we were able to obtain a lower monthly rate of mortgage insurance (that will fall off once they reach 20% equity) since this strengthened their overall loan profile.
- Our client was able to sell his existing home just before our purchase, back to back and in the same location, to keep the process as simple as possible.
- Even though our client and his son were the only occupants on the loan, both his wife and daughter-in-law were added to title so that all parties have joint interest in the property.