Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for Noonan1973

Purchasing my mother's home. Am I likely to get a mortgage loan?

My mother is selling her home for $95k (she still owes $40K on her mortgage), but has been unable to sell.  I would like to buy her home instead, and was wondering how any prospective bank would view this. 
760 FICO Score
$15K in cash savings
  • July 03 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Hello Noonan- [promotion and email removed by Zillow moderator]
  • July 05 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Noonan1973
Appreciate you all taking the time to reply.  Now the big question I am contemplating is whether to use her realtor or hire a lawyer to go through the process.

@ SoCal_Engr, good question about why my mom's home hasn't sold.  Too many choices in the area might be 1 reason. There are some structural issues with the home that caused a prospective FHA loan to shy away.  The house was valued north of the asking price, so tend to think it was the excess supply reason.
  • July 05 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Your credit score is excellent and $15K is a sufficient amount for a down payment and closing cost. Income, debts, job stability and a satisfactory appraisal are other factors that would be considered.
If you can't get a referral to a local mortgage loan officer from friends, co workers, etc, go to the Professionals tab above and look for a Zillow loan officer in your area/state for assistance.
  • July 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
As others have indicated, you will need to provide more information to a local lender to determine your ability to qualify for a mortgage.

The other aspsect to qualifying for a mortgage is going to be whether the house will appraise. I would be a bit concerned since no one is willing to offer when she is listing for $95K. Is there some reason why the house won't sell?
  • July 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Pamela Shemet
Your local mortgage broker would be able to assist. Good luck with your purchase.
  • July 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for NinaHarris
Hi Noonan1973,

Only a mortgage broker would be able to give you sound advice as to your qualification.  Please contact one ASAP.

Good luck!. 


  • July 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.