I can give 20k for a downpayment now. I can probably also secure a loan for another 30k I’m assuming since I have alright credit (700). Other family members can probably put together 15k towards the downpayment. This totals around 65k downpayment.
Ideally this would be a 3-4 bedroom home to accommodate all family members. It seems like the safer areas are 500-600k minimum.
You're taking a relatively low income of 55k down to 55,000-(1200x12)=40,600. Can you live on 40k/yr before taxes?
Hate to break it to you, but in that area, for a nice 3-4 bedroom house in a safe area, your looking at basically double. Maybe 50% higher, but factor in double. Then factor in 8-20,000 for taxes alone. I haven't seen any decent houses at all for half a million. Let alone 4 bedroom houses.
Since you're in public accounting, can you tell me why you'd be willing to take out an unsecured 30,000 loan at prime + 15 instead of just reducing a down payment at prime + ~5? Taking out a personal loan to pay a lower rate doesn't make sense to me.
Also; unless this have changed, you can't just have money magically appear in your account and use that for a down payment. The bank will want to know where it came from.
If you're going to be a guarantor on the mortgage, just go for the lower amount. And if you aren't a guarantor on the mortgage, your friendly payment in kind likely won't swing the bank. The bank also won't likely approve you as a guarantor with a 55k/yr income.
That leaves you being on the mortgage and more or less, partial owner of the property.
On a 600,000 property, with your estimated 65,000 down payment and a low balled guess of 9k a year in taxes and a very favorable rate at 7% leaves you with a mortgage of 4,616/mo without utilities.
With the help of other family members, we can come up with probably $3200 total for a monthly payment. The issues I’m seeing are being able to get the monthly payment amount down to 3200.
I just don't see how 3200 a month is possible in this scenario. Taxes are likely to be higher, and go higher. And rates are already higher than the above.
In all sincerity from a kind person to a kind person, I think you need to look at the numbers a bit more closely and come up with a second option.