Click here and start typing your question

The first question I would ask would be how much equity is in the home. If the aunt has at least 20% equity in the home and you can qualify for a mortgage, you can do a GIFT OF EQUITY purchase. This would allow your aunt to sell the home to you without the need of a down payment from you. Please email me for more detailed information on the program. I am sure it will please you. Hope this helps.

Transferring ownership is easy. It's the current mortgage that may be a problem. If there is a lender holding a lien, the loan will have to be paid in full and a new mortgage put in place in your name. Depending on the value of the home and how much is owed by your aunt, she can gift you everything above the current pay-off amount. You will then have to qualify for the new mortgage on your own with her gift as the down payment. The gifted percentage will have to be at least 5% of the value plus the closing costs to allow you to purchase with no money out of pocket.