Zillow Advice: Approval Process - How to qualify for a second property with a unique situation? http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ Zillow Advice | Zillow Real Estate Need to know more why your ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ Need to know more why your father and stepmother cannot qualify.&nbsp; What are the "various" reasons?<br/><br/>If they are income related and not credit related, one good angle to pursue would be to have them apply as an owner occupied purchase transaction and then your husband and sister could potentially apply with them as non-occupant cosigners.<br/><br/>This structure will open up options with the FICO score ranges you have mentioned so far.&nbsp;&nbsp;&nbsp; If your father and/or stepmother both have very low credit scores or other damaging credit events, then you are looking at an invesmtent property purchase which will have several layers of tougher requirements. Mon, 24 Oct 2011 21:40:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T21:40:00Z Read below. SoCal gave you ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ Read below. SoCal gave you the best answer. I suggest you look into that before pursuing other options.<br/><br/>Best wishes, Rudi Mon, 24 Oct 2011 21:10:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T21:10:00Z Try talking to a local banks ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ <br/>Try talking to a local banks here like Bank Gloucester , Rockport National or Cape Ann Savings. They know the area and are familiar with various family own properties<br/>If &nbsp;they are unable to &nbsp;to help try Prospect Mortgage . Here at Re/Max at the rotary, we use them alot for financing. Contact Tony Barletta at http://www.myprospectmortgage.com/tbarletta<br/><br/><br/><br/>Michele Allison-Elwell<br/>Remax Advantage<br/>224 Washington St.<br/>Gloucester, Ma 01930<br/><br/> Mon, 24 Oct 2011 17:37:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T17:37:00Z Underwriters will look at ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ Underwriters will look at whether this is arms length transaction or a non arms length transaction. If it is determined you are related as family, by marriage or a business relationship it is considered a non arms length transaction and very few if any lenders allows this type of transaction. Also, you and your sister would both need to show income and the ability to pay the mortgage on the property every month. Feel free to take a look ar my profile and contact me if you have any questions, I lend in your area. Mon, 24 Oct 2011 14:53:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T14:53:00Z Thank you so much for the ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ Thank you so much for the information.<br/><br/>My&nbsp;husband's credit score is less than mine.&nbsp; About a 650.&nbsp; Do you know how high it would have to be for us to qualifty?&nbsp; I believe I can get my score up to about 700 with just cleaning it up myself and paying down my credit card to below 35% of my credit line.<br/><br/>There is a mortgage on the home currently in my mother and aunt's name.&nbsp; Everyone is open to a rent-to-own option but I'm not sure how this would work with a mortgage on the property.&nbsp; It would get a bit sticky when someone passes away and the heirs (especially on my aunt's side) would be looking to see about having a vested interest in the property. Mon, 24 Oct 2011 13:52:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T13:52:00Z If your husband has a much ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ If your husband has a much higher credit score, you can qualify him for the mortgage instead of yourself. Otherwise, there are credit counseling agencies that you can "commit" to, which can improve your score in 3-6 months. They usually charge a bit to clean up as well (I've seen quotes around $500-1,000.<br/>Good luck! Mon, 24 Oct 2011 13:35:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T13:35:00Z Please note: I am not a lawyer ... http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ Please note: I am not a lawyer and this is not legal advice.<br/><br/>You need to talk to an attorney (probably family law, but...). There are tax ramifications of the proposed gift, and there are also other ways to transfer the property without going through a "traditional sale".<br/><br/>If the intent is to effect a sale with minimal cash exchanging hands, there could be some value into looking into a trust, with yourself and sister as trustees. If everyone can agree to go this route, no credit/mortgage is needed.<br/><br/>BTW...You did not mention if the house currently has a mortgage. This will also factor into any planned transfer of ownership. Mon, 24 Oct 2011 13:35:00 GMT http://www.zillow.com/advice-thread/How-to-qualify-for-a-second-property-with-a-unique-situation/420376/ 2011-10-24T13:35:00Z