Posted on: 01st Jul, 2013 01:57 am
My parents have applied for divorce which will get finalized in few months. They have a home which both of them don't want to keep. Can I buy that home?
Hi Miami!
Welcome to the forums!
In order to buy the property, you will have to qualify for a mortgage. For that, you need to have stable income and employment along with good credit scores.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
In order to buy the property, you will have to qualify for a mortgage. For that, you need to have stable income and employment along with good credit scores.
Feel free to ask if you've further queries.
Sussane
You maybe able to have the equity in the home gifted to you as part or all of the down payment since it your parents home. However you would still need to qualify for a mortgage to cover the difference.
Andrew
Andrew
You maybe able to have the equity in the home gifted to you as part or all of the down payment since it your parents home. However you would still need to qualify for a mortgage to cover the difference.
Andrew
Andrew
Yes you can certainly buy that home of your parents but in order to get a conventional mortgage loan, you need a credit score of above 720 and in case of FHA loans, you will need a minimum score of 600. Now check whether or not you qualify.