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Answers (5)
- Ofe Polack, "Ofe Polack"
- Contributions:1418
This is the type of guidance that a lender familiar with your financial background and your father's, will be able to provide you with. I believe that you will always have to pay transfer tax, but once again check that with a title company.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
FHA and VA loans are assumable. mookie_840 Has the person that wants to acquire your current home, talked to a Mortgage Pro? Have you discussed the possibility of buying the new home with your Father as a non-occupying co-borrower? If that would work, it would somewhat alleviate his financial risk. It wouldn't necessarily make it easier to get him "off of the loan" later. It would also make the new loan more affordable. You need to be dealing with a real top notch experienced Mortgage source. There may be a way to make all of this work, but it will require a better than average loan officer, to figure out the best way to structure the deals. Hopefully, one of Zillow's Mortgage guru's will add some insight to the question soon. Good Luck. Knowing waht area you live in would be helpful, also.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
@ Dave, what are some assumable types of loans? Also, would it be an issue when trying to assume the loan down the road that there was a familial relationship? Just curious, because it seems like knowing a loan was assumable would be an awesome option with today's interest rates....since when one sells a few years down the road it may make the home more attractive to buyers if they can assume at a low interest rate and rates have risen.
- Dave Matthews, "Dave Matthews"
- Contributions:14
The loan would need to allow for you to assume the loan from your father. Many loan products do not allow for that. You may need to get your own loan in two years.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Probably a quit claim. However, talk to a lender first, attorney second.
Relative is offering to put our mortgage in his name?
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