Interest only home loan?

[rockyfatcat]

I am in the process of inheriting a large trust. There is also a life insurance policy. I am still unaware how big the estate is, and it could be months before I see any money.

My wife has been house shopping and found a house she likes at 600k.

I am trying to figure out how I can get into an interest only loan to lock down the property.

Any ODT’er out there have an in, in the industry?

 

[LARGO9]

Just start checking around with the mortgage co,, I had one with Wells Fargo for about 3.5 years then refinance it,, was no big deal

 

[dawg]

First off, my condolences on whomever passed. They clearly liked you a lot.

I know your wife has found her dream home. But it might be a good idea to pump the brakes, determine how much you’re actually getting and when you’re getting it. Then go build or buy that dream home.

Whatever you decide, best of luck!

 

[rockyfatcat]

I talked to a loan guy. Interest only loans have been legislated out of existence. Unless I do an all cash buy. I am at least 3 months away from qualifying for a loan.

 

[rbstern]

First off, my condolences on whomever passed. They clearly liked you a lot.

I know your wife has found her dream home. But it might be a good idea to pump the brakes, determine how much you’re actually getting and when you’re getting it. Then go build or buy that dream home.

Whatever you decide, best of luck!

This. Taking a big risk if you don't know what's actually going to be yours.

Another approach: Be direct with the agent/seller, tell them your situation. Ask if you can buy an expiring option to purchase the home in 30 days (or however long the estate issues will take to resolve). Might cost you a few grand, but that will be the extent of your risk.