Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,Providence- RI http://www.zillow.com/advice/Providence-RI/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Mother wants to sell me her house via gift of equity. She lives in Rhode Island. http://www.zillow.com/advice-thread/Mother-wants-to-sell-me-her-house-via-gift-of-equity-She-lives-in-Rhode-Island/459126/ My mother lives in Providence and wants to move near me. &nbsp;She wants me to buy the house from her because she is willing to sell it to me at price that would make it worth my effort.&nbsp;<br/><br/>I really have to interest in ever living in the house, and I would need to rent the house. Finding tenants is not a problem, the problem is that if I do this, I need it to be painless and do not plan on putting a dime into the whole process. I have family who live in the area and they are committed to keeping tabs and dealing with any repairs in my absence.<br/><br/>I have owned investment property in the past, but have since sold them.<br/><br/>Are there any mortgage programs that would allow me to purchase the house from her? It's been appraised at 150k a little over a year ago, Zillow says 115k, but my mom would be willing to do a gift of equity all the way down to what she owes on her house which is in the neighborhood of 40k, but she would prefer 70k so give her downpayment money on new space near me. My credit score is in the in mid 650's, due to recent loans that I have&nbsp;acquired(I wasn't expecting this to come-up), and &nbsp;with no lates/issues for the last 4 years. ( I did do a deed-in-lieu&nbsp;back in 2008 but have since purchased another house). Is this a viable option for me?<br/><br/>At most, I can likely contribute close to 5k to the transaction, but I rather not put anything down.<br/><br \><br \>3 replies Sat, 08 Sep 2012 17:53:00 GMT http://www.zillow.com/advice-thread/Mother-wants-to-sell-me-her-house-via-gift-of-equity-She-lives-in-Rhode-Island/459126/ 2012-09-08T17:53:00Z What can I do to get more (or better) quotes for my loan request ZR-ZPFBSRT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZPFBSRT/417833/ I have excellent credit and owe 35500 on my home..I want to either refi. or do a heloc on it but not sure which is better for me...I wanted to get a heloc and buy another property to rent out for long term investment but i don't understand the whole thing. Would i have to use the heloc money as soon as i get it or do i pay on it if i'm not using it???&nbsp; and as far as just doing a refi...well i would only do that if i can just do it for the amount i owe which is 35500...my rate is 6%...What should i do???&nbsp; I live in prov. r.i&nbsp; what/where would i get the best rates???&nbsp; My bank wanted to give me a 2.99 plus prime if i did a heloc but it ended up to be about a 4.25 loan..They did a drive-by an said my house was appraised at 165000 so 80% of that then - what i owe put me under the 100,000 mark so i couldn't get the better rate or something....Can you help me out here?????<br \><br \>0 replies Sun, 02 Oct 2011 14:50:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZPFBSRT/417833/ 2011-10-02T14:50:00Z