Profile picture for beachnfool2

What can I do to get more (or better) quotes for my loan request ZR-XQHDDXB

I am purchasing a home from my parents and the house is in their name. When they purchased the home almost 6 years ago for a price of $234,500, they paid a 20% down payment, fees and closing costs and I moved in. Since that time, I pay the mortgage, insurance, taxes and all utilities myself and without their or anyone else's financial assistance.

We would like to now get the house in my name only by me purchasing the house from them. Zillow estimates the home to worth between $282,555 and $338,445. The balance on the current mortgage loan is $172,000. My parents are willing to sign whatever is needed to gift the equity to me as the down payment - which is approximately $110,000 if you go by the $282,555 estimate, and sell the home to me at a purchase price of $172,000, which is what is owed on the house.

I am also eligible for the first time home buyers tax credit so time is of the essence. I do have a lower credit score, but I do pay all bills for this residence, I just don't get the cresdit for it and that would improve my score.

So I am looking for someone who understands the situation and what we are trying to do to help me obtain a loan for $172,000 and using the equity as a down payment. My parents are not looking to make money on this purcahse, just to get the house in my name only.

I would really appreciate any assistance, help or advise on how to do this.
Thanks,
Sharon

  • April 15 2010 - New Castle
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Answers (2)

Profile picture for wetdawgs
"I am also eligible for the first time home buyers tax credit so time is of the essence."  Sorry to break the news, but you are not eligible, because you are purchasing the house from your parents, therefore, there is no hurry.  Please see the www.irs.gov website rules on eligibility.

Your credit score is critical to get a good loan.   Use of credit such as credit cards, auto loans, etc is far more important than paying the utilities on time.  


  • April 15 2010
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Sharon - We can assist you in obtaining a mortgage using the gift of equity.  If you would contact me I can gather the necessary information to get the process started.

I look forward to speaking with you soon.
  • April 15 2010
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