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relocating

I am going to be relocating with my husband and father n law in the next couple of months and wanting to relocate from Omaha ne to mobile al.  He owns a home here that has equaity of around 50-60 thousand.  This is based on research what the home is worth and owed.  My father n law has been in  this house for more than 25 years need to move to a warmer climate.  I have my name on deed of the house.  He is 81 years old.  He has never missed a mortgage payment.  He pays his bills every month on time.  Will he be able to get another loan on home down there.  We hope to make a profit of 50 thousand and keeping the cost of the home down to 100000.00. My credit score is low and never bought a home. So what suggestions would you make into checking into this. I need to know if it is possible and trying to make the move as less stressful as possible. He is retired from military and social security.
  • December 02 2013 - Mobile
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Answers (5)

Profile picture for Carole Tyne
Sounds like there are three adult here.  Contact a lender to get all the credit chkd of each.   If you credit is low they will advise you what you need to do to better your score.   Contact a Realtor for the house you are selling you may not have taken in account several costs they can advise (ie closing costs, repair costs, agent fees, etc),  You also maybe surprise on what they come up with the value to be.  
Need to also contact agent in the area you would be moving to once your financing is in order.
  • December 02 2013
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I would say the best way to do this would be to have your father in law qualify for the mortgage in his name only, using his military income and social security income to qualify. Although he would qualify for a VA loan, it may be best off to go with a normal conventional loan to avoid paying the VA funding fee. (3.3% of the loan amount if he has used a VA loan before)   It sounds like you would have at least 20% down and possibly half of the purchase price. His age makes no difference.

Have a Realtor give you an estimate of your current value and work up a net sheet for you. This will give you an idea how much cash you will have to work with after the sales commission to the Realtors and other closing costs on the sale.

Then get pre-approved for the purchase loan BEFORE you start looking at property. Most lenders will do the pre-approval for you free of charge.

Good luck selling your home and making your move.
  • December 02 2013
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First and foremost you need to speak to a lender so you can have your financials reviewed and credit checked.   If your credit score is low you may need to improve that with the advice from the lender......there are a variety of reasons for low credit and not all based negatively.  Owning a home is a large commitment.   Call a lender.
  • December 02 2013
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Your father in law may qualify for VA financing with little to no down payment. Or a reverse mortgage with no monthly payments after the initial down. And of course there is always conventional or FHA with as little as 5% down. But you may seriously want to consider contacting a broker in Mobile to discuss these matters furhter. Search through Zillow for different brokers in the area if you don't already have someone trust. Keep in mind that qualifying yourself maybe the best idea in the long run. Good lucK!
  • December 02 2013
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there are many circumstanses that you need to take into effect.  here are a few,  Contact a realtor in your area to get a CMA on your home value, contact a Home loan officer to see what you would need to qualify, and contact an agent in the city you want to relocate to to start the search for homes there to see if any that you are interested in are in your price range.
  • December 02 2013
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