Posted on: 07th Dec, 2010 04:22 pm
We want to purchase our mothers home (she still has a mortgage on it). It has to be our primary residence but we already are living in our own home. We want mother to be able to stay living there. Is there any way to work around this short of having to pay the $8200.00?
why does it have to be your primary home?
if you do not want your mother to be on the mortgage, it would have to be your primary home unless you purchase it as an investor property (higher rates and higher down payment/equity). we do not know mortgage balance or value of property.
if mother can stay on mortgage, you could refinance fha or freddie mac. both allow non-occupant coborrowers which means mother does not have to qualify for the mortgage based on only her income. you all need to qualify based on all total debts and total income.
if you do not want your mother to be on the mortgage, it would have to be your primary home unless you purchase it as an investor property (higher rates and higher down payment/equity). we do not know mortgage balance or value of property.
if mother can stay on mortgage, you could refinance fha or freddie mac. both allow non-occupant coborrowers which means mother does not have to qualify for the mortgage based on only her income. you all need to qualify based on all total debts and total income.
VA loan requires it. We were trying to get around the investment property part of the loan, (higher rates/down payment). The balance of the mortgage is what she is asking for the home. Not sure about value yet. But we know it has to be more than the pay off.
We own a mobile home and Freddie Mac is requiring us to sell it (we have mortgage)...we can't do that because we can't all live in the same home because of her being on medicare.
We own a mobile home and Freddie Mac is requiring us to sell it (we have mortgage)...we can't do that because we can't all live in the same home because of her being on medicare.
We appreciate your seeking advice on this site, however, you have way too much here in the way of legal advice. Most answering questions here are mortgage professionals. We do not know about medicare requirements. If we think we know, we could suggest something but would have to advise you speak with a lawyer because we can not legally give such advice.
You already seem to know the answer yourself. I guess you are asking if anyone can suggest anything else. I can not.
At least you have now provided more information which identifies the real problem/concern.
I think you are saying, to do a VA loan it must be your primary residence, but, that can not be as far as medicare is concerned becasue you may not live there.
I do not understand why Freddie Mac requires you to sell your mobile home?
Is your mother not permitted to be on the mortgage with you?
I have to leave now, so, if you respond, I can not respond until tomorrow afternoon at the earliest.
You already seem to know the answer yourself. I guess you are asking if anyone can suggest anything else. I can not.
At least you have now provided more information which identifies the real problem/concern.
I think you are saying, to do a VA loan it must be your primary residence, but, that can not be as far as medicare is concerned becasue you may not live there.
I do not understand why Freddie Mac requires you to sell your mobile home?
Is your mother not permitted to be on the mortgage with you?
I have to leave now, so, if you respond, I can not respond until tomorrow afternoon at the earliest.
It agree, it is an excellent variant