Profile picture for baulrey

Help with purchasing my father in law's home

My fiance and I are wanting to buy my future father in laws home.

He has offered to gift equity us 20% of the down payment and we can come up with whatever else is required up to 20% cash down plus closing costs.

The home I want to purchase is in Virginia but we are currently located in California and planning to move into the property at some point in the future.

Our main goal is to help her father by buying the house so he can move into an assisted living facility.  Our other goal is to put up as little cash down payment as possible while avoiding PMI due to the upfront equity in the home.

If you can help me with this type of mortgage please let me know.

Brice Ulrey
Baulrey@gmail.com
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 - Roanoke
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Brice, The key here is going to be your lender and how they want to set this up for you both.
Just let the lender know the situation and they will design the loan to accomidate your needs.

You need to also have a chat with the attourneys that will close the loan and make sure you are following all the regulations reguarding  your father in law. There are some serious consequences if someone later challenges his estate to dispute if what you did was for his greatest good.

Good Luck to you all.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25
some point in the future?

If that point is more than 60 days from closing then you're probably buying it as an investment property; conventional-conforming guidelines won't allow a gift on an investment property.

...........and someone will probably come on and post now telling you to call it a vacation home.
 

 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25

First, you are both very smart for wanting to avoid mortgage insurance. You have also done exactly what needs to be done to do so, and that is having 80% LTV (Loan to Value) with the property which is acheived with the 20% gift of equity.

Second, you would not need to come up with an cash down but you would need to pay for closing costs. Which you can estimate at roughly 2-3% of the purchase price (before gifted equity). Would this home be considered your primary residence or would it be an investment property?

Third, you would just need to qualify for the loan based on credit scores, income, DTI, and so on and so forth.

If you have additional questions or would like to inquire regarding the approval process feel free to reach me via my zillow profile.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25
 
Related Questions
Help with purchasing my father in law's home
Profile picture for Bert Pope
Latest answer by Bert Pope
June 25 | 3 answers
Citimortgage is NOT reporting our timely payments to the credit burs and being VERY uncoopertve.
Profile picture for sunnyview
Latest answer by sunnyview
June 05 | 8 answers
Can you get a mortgage loan a year after a chapter 7 discharge?
Profile picture for Geofrey Merino
Latest answer by Geofrey Merino
May 21 | 6 answers
Can anyone provide financing with a 651 TU Fico
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
March 07 | 6 answers
  • Asked by sgelentser24614
  • In Mortgage
  • March 06
refinance in VA??
Profile picture for Erica Sinchak
Latest answer by Erica Sinchak
March 06 | 4 answers
  • Asked by DougPolumbo
  • In Refinance
  • August 12 2011
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 5304 Malvern Rd, Roanoke, VA Home For Sale
    5304 Malvern Rd, Roanoke, VA 24012

     For Sale: $146,000

    • Beds: 4
    • Sqft: 1844
    • Baths: 2.0
    • Lot: 43560
  2. 3952 Carson Rd, Roanoke, VA Home For Sale
    3952 Carson Rd, Roanoke, VA 24012

     For Sale: $194,950

    • Beds: 4
    • Sqft: 2632
    • Baths: 2.0
    • Lot: 43560
  3. 1814 Pelham Dr, Roanoke, VA Home For Sale
    1814 Pelham Dr, Roanoke, VA 24018

     For Sale: $274,950

    • Beds: 3
    • Sqft: 3082
    • Baths: 2.0
    • Lot: 47480