Posted on: 30th Aug, 2010 09:22 am
Would we need to put down 20% to avoid PMI??? Should he or could he take his name off the mortgage where his mother resides??? We lived in my mother in law's home for the past 9 years and were just wondering what steps we would need to take in order to venture out on our own. Also, I have a condo in Naples FL that I purchased with my sister. That condo is up for short sale. Unfortunately I put my name on it to help my sister out and now I think the consequences will affect me. Am I even going to be able to purchase a home of my own with my husband and our daughter???? Please help me with any advice you can give. Thank you!
Hi vlo317
Welcome to forum,
You both (husband & wife) are having your own mortgage accounts and you are paying for that.So as far as first time borrower's tax benefit is concerned,I am really doubtful that you will be able to qualify for tax rebate.
In order to get rid from mortgage, you need to contact lender and new person should be ready to take the responsibility of the mortgage.Firstly he should be qualified for the mortgage loan then next thing comes about his willingness to sign mortgage docs.
So if you wish to buy a new home on your own, you both need to check out with your local lender about eligibility of the program for you.
DIPA
Welcome to forum,
You both (husband & wife) are having your own mortgage accounts and you are paying for that.So as far as first time borrower's tax benefit is concerned,I am really doubtful that you will be able to qualify for tax rebate.
In order to get rid from mortgage, you need to contact lender and new person should be ready to take the responsibility of the mortgage.Firstly he should be qualified for the mortgage loan then next thing comes about his willingness to sign mortgage docs.
So if you wish to buy a new home on your own, you both need to check out with your local lender about eligibility of the program for you.
DIPA