Posted on: 03rd Oct, 2009 10:17 pm
My friend owns a townhouse and might sell it. I would like to buy it but don't have the credit. Her mom said you can get a house deeded to you? Would that work? I don't want this to affect her credit, I just wanna get a house. And then how would how much her house is worth versus how much she owns affect the deal and my loan payments?
first get your credit report. as without it would be impossible for you to get mortgage.
you can get house appraised to know it correct evaluation.
you can get house appraised to know it correct evaluation.
if you do nto have the credit score to finance the house then you can go with owner financed option
Your frind can still contuine to make payment onthe currnet mortgage, in the mena time you can pay you frind.
But make sure to have some lagel agreement expaling the whole situation
That is good for every one
Your frind can still contuine to make payment onthe currnet mortgage, in the mena time you can pay you frind.
But make sure to have some lagel agreement expaling the whole situation
That is good for every one
hi elcheese!
welcome to forums!
if your friend just transfers the property to you, then you would be the owner of the property but your friend would still be responsible for the mortgage dues. signing a property deed will not help you in getting the mortgage in your name. in case, if you are unable to pay off the mortgage dues on behalf of your friend, it would be his/her credit that would be affected. moreover, the lender will want you to refinance the mortgage in your name as soon as the property is transferred to you. you won't be able to refinance it because you do not have the required credit score.
in my opinion, it would be a better to raise your credit score first and then look out for a mortgage to buy a property. know some of the steps to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
feel free to ask if you've further queries.
sussane
welcome to forums!
if your friend just transfers the property to you, then you would be the owner of the property but your friend would still be responsible for the mortgage dues. signing a property deed will not help you in getting the mortgage in your name. in case, if you are unable to pay off the mortgage dues on behalf of your friend, it would be his/her credit that would be affected. moreover, the lender will want you to refinance the mortgage in your name as soon as the property is transferred to you. you won't be able to refinance it because you do not have the required credit score.
in my opinion, it would be a better to raise your credit score first and then look out for a mortgage to buy a property. know some of the steps to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
feel free to ask if you've further queries.
sussane