First tome buyer...low income..help

[Danielle]

my father has a low income of 18,000 thousand
his credit score is 670 and he had bankruptcy four years ago
my cousin is selling her two family house, for 349.00, and if he buys it he will rent both units for $1,500 each, my father lives with me and if he buys it he will still live with me..
Will he be able to buy her home?

he has 10,000 to put down
whta do you think guys?

[Gil Davis]

Most lenders will want at least 20% down on rental properties. If the seller will carry at least 15% this might be doable. If the rents are 1500/mo already and there are tenants there you may be able to swing this. You should have a home inspection etc so you will know what you are buying. Do you have a realtor?

[Chris]

I am aware of a program for a 2 family home that is for 100% of the purchase price. No down payment is required. The seller can even pay all of the closing costs! Your father would get the credit for the rental payments added to his 18K/yr. to increase his income. The program allows for high debt ratios and even lower scores than your Dad has.

It looks like you are in NJ, we do business in NJ and 42 other states. Call me at 602-343-1465 and we can see if we can get your father approved to buy this home. - Chris