Posted on: 08th Nov, 2010 01:34 pm
I have been living in my mobile home for 10 years. The mortgage is in my grandmothers name only. I have made all of the payments. I've never had a mortgage in my name and I am seriously considering buying a home. I would like to apply for a first time home buyers loan. Problem is, my grandmothers health is declining, and my aunt (and my grandmothers power of attorney) is pressuring me to get the loan out of her name. I don't even know where to begin. I would rather not open a new loan for the mobile home. Can it be transferred and I assume the payments? And if there were a way to even apply for a new loan, will that effect me qualifying for a first time home buyers loan?
Hi jennpaulson,
You owe the loan or someone refinanced loan to you its doesn't matter to be qualify for First Time Home Buyer Credit. If you owe property (House) on your name in last three year then you will not be considered as first time home buyer so you will not be eligible to get first time home buyer tax credit.
If you wish to apply for new loan then FHA ( Federal Housing administration) loan is the best option for you. You must have 620 or above credit score. Bank statements from last 6 months. Payment proof. & other documents as required by your lender.
Thanks & regards.
Gunz.ijjistaff
:lol: :lol: :lol:
You owe the loan or someone refinanced loan to you its doesn't matter to be qualify for First Time Home Buyer Credit. If you owe property (House) on your name in last three year then you will not be considered as first time home buyer so you will not be eligible to get first time home buyer tax credit.
If you wish to apply for new loan then FHA ( Federal Housing administration) loan is the best option for you. You must have 620 or above credit score. Bank statements from last 6 months. Payment proof. & other documents as required by your lender.
Thanks & regards.
Gunz.ijjistaff
:lol: :lol: :lol: