Purchasing my mother's home. Am I likely to get a mortgage loan?

You should be fine to buy tht house. If your mom can build in 20% equity in the home (Purchase price of $118750 and a gift of equity for $23750), you wouldn't need a down payment. If the property is in distress or delinquent, you may have an issue. If not, it should be a piece of cake, so to speak. Hope this helps.

As you can see by the responses, there is not a problem.. Your scenario is not unique. You would still have to qualify and if your intention is to make it an investment, the guidelines are different, but still doable. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

We can do a non-arms lenght transaction, where she gifts you the equity and I can help you with that! Our local community bank has a 3.375% on a 30 year fixed, or 3% on a 15 year. Please call me at 405-608-0110 or 405-535-6582

You should have no issues buying the house. The others are right in that she can gift you equity if you want to go that route.

Why does your Mom want to move? Is it because making the mortgage payment is difficult? If yes, a Reverse Mortgage is a possible solution.

The gift of equity would only work if the appraised value equals or exceeds the sales price. In any event, you should be fine with the purchase because worst case scenario you would need 3.5% down payment.

You should be able to buy her home as long as you qualify.

You shouldn't have any problems (888) 435-7190 Joe Garrett

You shouldn't have any problems. Joe Garrett 888-435-7190 branch manager Southwest Funding.

What do you do for a living ? email me at yourloanpartnerforlife@live.com i work for a bank in OK .. LINDA

This sounds like a really great opportunity for you. There is another option which I have not seen mentioned yet. If the original mortgage is assumable, I would recommend you go that route. If the mortgage is current, meaning your mom is not behind in any payments, an assumption of her mortgage would save you quite a bit in closing costs. If the loan has a higher interest rate than what is available with a new loan, you could do a refinance after the assumption and still save money in closing costs. I am not a mortgage person, so I don't know for sure, but check to see if there is a way to buy down the rate at the time you do the assumption. As you may see, I think outside the box, so if you know anyone else who wants to buy or sell a house, have them contact me. It does not matter where they live, I can help anywhere with my network of Realtor contacts. Wayne Barnes, 918-645-1470. Coldwell Banker Select.