Posted on: 08th May, 2012 12:23 pm
Our parents have a home in Alabama and both have passed now, our younger sister wants to purchase the house but doesn't have good credit - I don't think it is below 500 but I know it isn't above 600. The selling price is 54,000 but she owns 1/4 of the home so the loan would be for 40,500 and she will be able to put a down payment of 15 - 20%. We would love to see her be able to purchase our parents home since she has never owned a home before. Can anyone give us suggestions on who she could go to for a loan?
James,
Thanks for the response, although it isn't what I was hoping for it gives me an idea of what we will be facing.
Thanks for the response, although it isn't what I was hoping for it gives me an idea of what we will be facing.
Hi Gwen!
Welcome to forums!
I agree with what James has said. She can refinance the mortgage in her name once her credit score improves.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what James has said. She can refinance the mortgage in her name once her credit score improves.
Feel free to ask if you've further queries.
Sussane