Posted on: 15th Jan, 2010 05:36 pm
my parents are selling their home to my husband and i for $200,000. the house was appraised for $350,000. they still have $80,00 left on their mortgage. they are planning to use the money to build a house back in their home country. my husband and i's credit is fair. do you tink we should apply for a mortgage( not sure if we would be approved)? should my parents get a home equity loanof $200,000 and then transfer it to our names? what is the best way to make this sale happen?
hi amahayag,
your parents can transfer the property to you with the help of a quit claim deed. however, once they transfer the property, the lender will call the loan due immediately. thus, you'll have to refinance the loan in your name. once you refinance the mortgage, you would become liable for the mortgage. while refinancing the loan, the lender will look into your credit score and income. if you satisfy the required criteria of the lender, you'll be able to qualify for the loan.
thanks.
your parents can transfer the property to you with the help of a quit claim deed. however, once they transfer the property, the lender will call the loan due immediately. thus, you'll have to refinance the loan in your name. once you refinance the mortgage, you would become liable for the mortgage. while refinancing the loan, the lender will look into your credit score and income. if you satisfy the required criteria of the lender, you'll be able to qualify for the loan.
thanks.
>>do you tink we should apply for a mortgage
Yes. That's the proper and legal way to do it.
Yes. That's the proper and legal way to do it.
found out my FICO score is 701 and hubby's is 661. do you think we would be approved for a loan? you have to understand this was just thrown on us less then five days ago and i am a first time home buyer. so, excuse me for my silly questions.
>>do you think we would be approved for a loan?
Yes. You won't have a problem with those FICO scores, especially if you'll be applying for a FHA, VA or USDA mortgage.
Yes. You won't have a problem with those FICO scores, especially if you'll be applying for a FHA, VA or USDA mortgage.
thank you so much Raymond. i will keep you updated.