Multigenerational buyers want a single-family home but their loan officer offers only 2 options

Q: We’re trying to buy a single-family house, but our loan officer said our debt-to-income ratio was too high. So they suggested we buy a condo. However, we have three generations in our household, so what we really need is a house. My father-in-law, who is very active, lives with us. On top of that, our eldest child moved back home after college. We’re looking for our living arrangements to be more relaxed with extra square footage or additional bedrooms.

Should we wait for Bay Area home prices to drop further? Or, as our current loan officer suggested, should we pay off our car loan and credit card debt ($13,000)

→ Continue reading at Silicon Valley

More from author

Related posts

Advertisment

Latest posts

GM pauses sales of Chevy Blazer EV over software issues | CNN Business

New York CNN  —  GM has paused sales of its brand new Chevy Blazer EVs after some customers reported...

Crypto’s 2023 was marred by fraud and scandal. It was its best year ever | CNN Business

New York CNN  —  Crypto’s 14th year in existence was one marred by scandal, bankruptcy, fraud and regulatory squabbling....

The Tantalizing Mystery of the Solar System’s Hidden Oceans

The original version of this story appeared in Quanta Magazine.For most of humankind’s existence, Earth was the only known ocean-draped world, seemingly unlike any...