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Answers (7)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3426
Need to know more why your father and stepmother cannot qualify. What are the "various" reasons?
If they are income related and not credit related, one good angle to pursue would be to have them apply as an owner occupied purchase transaction and then your husband and sister could potentially apply with them as non-occupant cosigners.
This structure will open up options with the FICO score ranges you have mentioned so far. If your father and/or stepmother both have very low credit scores or other damaging credit events, then you are looking at an invesmtent property purchase which will have several layers of tougher requirements.
If they are income related and not credit related, one good angle to pursue would be to have them apply as an owner occupied purchase transaction and then your husband and sister could potentially apply with them as non-occupant cosigners.
This structure will open up options with the FICO score ranges you have mentioned so far. If your father and/or stepmother both have very low credit scores or other damaging credit events, then you are looking at an invesmtent property purchase which will have several layers of tougher requirements.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Read below. SoCal gave you the best answer. I suggest you look into that before pursuing other options.
Best wishes, Rudi
Best wishes, Rudi
- Michele Allison-Elwell, "Rockport Realtor"
- Contributions:14
Try talking to a local banks here like Bank Gloucester , Rockport National or Cape Ann Savings. They know the area and are familiar with various family own properties
If they are unable to to help try Prospect Mortgage . Here at Re/Max at the rotary, we use them alot for financing. Contact Tony Barletta at http://www.myprospectmortgage.com/tbarletta
Michele Allison-Elwell
Remax Advantage
224 Washington St.
Gloucester, Ma 01930
- Bart Gabe, "BartGabe"
- Contributions:14
Underwriters will look at whether this is arms length transaction or a non arms length transaction. If it is determined you are related as family, by marriage or a business relationship it is considered a non arms length transaction and very few if any lenders allows this type of transaction. Also, you and your sister would both need to show income and the ability to pay the mortgage on the property every month. Feel free to take a look ar my profile and contact me if you have any questions, I lend in your area.
- balloonera
- Contributions:2
Thank you so much for the information.
My husband's credit score is less than mine. About a 650. Do you know how high it would have to be for us to qualifty? I believe I can get my score up to about 700 with just cleaning it up myself and paying down my credit card to below 35% of my credit line.
There is a mortgage on the home currently in my mother and aunt's name. Everyone is open to a rent-to-own option but I'm not sure how this would work with a mortgage on the property. It would get a bit sticky when someone passes away and the heirs (especially on my aunt's side) would be looking to see about having a vested interest in the property.
My husband's credit score is less than mine. About a 650. Do you know how high it would have to be for us to qualifty? I believe I can get my score up to about 700 with just cleaning it up myself and paying down my credit card to below 35% of my credit line.
There is a mortgage on the home currently in my mother and aunt's name. Everyone is open to a rent-to-own option but I'm not sure how this would work with a mortgage on the property. It would get a bit sticky when someone passes away and the heirs (especially on my aunt's side) would be looking to see about having a vested interest in the property.
- Masha Senderovich, "MashaSenderovich"
- Contributions:138
If your husband has a much higher credit score, you can qualify him for the mortgage instead of yourself. Otherwise, there are credit counseling agencies that you can "commit" to, which can improve your score in 3-6 months. They usually charge a bit to clean up as well (I've seen quotes around $500-1,000.
Good luck!
Good luck!
- SoCal_Engr
- Contributions:5666
Please note: I am not a lawyer and this is not legal advice.
You need to talk to an attorney (probably family law, but...). There are tax ramifications of the proposed gift, and there are also other ways to transfer the property without going through a "traditional sale".
If the intent is to effect a sale with minimal cash exchanging hands, there could be some value into looking into a trust, with yourself and sister as trustees. If everyone can agree to go this route, no credit/mortgage is needed.
BTW...You did not mention if the house currently has a mortgage. This will also factor into any planned transfer of ownership.
You need to talk to an attorney (probably family law, but...). There are tax ramifications of the proposed gift, and there are also other ways to transfer the property without going through a "traditional sale".
If the intent is to effect a sale with minimal cash exchanging hands, there could be some value into looking into a trust, with yourself and sister as trustees. If everyone can agree to go this route, no credit/mortgage is needed.
BTW...You did not mention if the house currently has a mortgage. This will also factor into any planned transfer of ownership.
How to qualify for a second property with a unique situation?
Ok so I have a very unique situation. My mother and aunt own a 2 family property together (it was the one my grandparents built). They have wanted to sell but couldn't make much after all the mortgage and real estate fees of selling and were really hesitant to sell outside the family (especially with just about breaking even on the sale).
My father and my stepmother want to purchase the property but cannot qualify for a mortgage for various reasons. A different family member will rent the other unit that my father & stepmother do not live in. What we were thinking is for my sister and I to purchase the home with a gift from my father of 25% down.
I own a home already with my husband. My credit score is about 675 and I am a stay at home mom with no income. We use my husband's income for everything. My sister has about a 620 credit score, does have an income and does not own a home. Is there a way for my sister and I to qualify for the mortgage on a home we will not be living in with a 25% down payment?
I know qualifying for any mortgage is difficult right now, so I am unsure of what would have to be done. Do I have to improve my credit score? Do we have to have more down? Do I put my husband on the mortgage too? I'm just trying to figure out if there is a way to do it and what we would need to qualify.
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