Posted on: 04th May, 2009 07:35 pm
My parents have a condo that they do not wish to let go, as its so nice. They want a smaller place somewhere else, but they want me to take over this. I have good credit, a good looking future, but I'm afraid that a bank won't let such a transaction occur. I would love to save a large down payment, however.
Is there an easy way to transfer the property over to me? Does the fact that its intra-family make it an easier transaction, legally and financially? We're trying to prepare this as far ahead in advance.
Thanks!
Is there an easy way to transfer the property over to me? Does the fact that its intra-family make it an easier transaction, legally and financially? We're trying to prepare this as far ahead in advance.
Thanks!
well the home is probably valued around 550k, but they will sell it to me at around what they bought it, near 450k. being a recent college grad, i cant see myself making an absurd amount of money. they pay about $3000/mo right now. being a pretty prudent saver, i would probably be able to save half of my salary in 3 years, maybe around $50k.
how difficult is it to refinance the mortgage in my name? does this mean that my monthly payments will be less than what they pay now?
how difficult is it to refinance the mortgage in my name? does this mean that my monthly payments will be less than what they pay now?
If you were to take out a mortgage of $450k at 5.375% your Principal & Interest totals $2,519 a month. Depending on the taxes and Insurance, you should be around that $3,000 mark. I hope this helps...
Will a bank grant a recent college graduate such an opportunity? Would renting out one of the rooms provide an advantage? What about student loans?
If you have a stable job, then you won't face difficulty in getting a loan. I don't think renting out the room will help you in getting a mortgage in any way. It will help to get an additional income. You cannot take a student loan to refinance a mortgage.
I meant will have a student loan hinder my chances?
Hi Guest,
If you are paying off the student loans regularly, then it would not effect your chances of getting a refinance.
Thanks
If you are paying off the student loans regularly, then it would not effect your chances of getting a refinance.
Thanks
Alright, so from what it seems, a bank will have little problem awarding a recent college grad with a 55-60k salary a mortgage for a 450k house with a 50k down payment? wow!
Hi Guest!
Welcome to forums!
A lender will want the borrower to have a two year stable income and a good credit score in order to qualify him/her for a loan. Keeping in mind this criteria, it can become a bit difficult for you to get a loan. However, I would suggest you to speak to the lenders and check out if they can help you. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether you would qualify for a loan or not.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
A lender will want the borrower to have a two year stable income and a good credit score in order to qualify him/her for a loan. Keeping in mind this criteria, it can become a bit difficult for you to get a loan. However, I would suggest you to speak to the lenders and check out if they can help you. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether you would qualify for a loan or not.
Feel free to ask if you have further queries.
Sussane