how would it work for parents to buy a 2nd home for themselves, but we actually live in it and pay all costs 100% from beginning.
Then we put it in our names two-3 years later? Is this done with assumption clause, or quit claim or both? We would only be taking over/needing to finance the exsisting amount left on the mortgage. Any advice would be greatly appreciated.Thanks! by kkraiwan from Washington, District Of Columbia. Mar 21st 2011
Chris Corica (chris@myqcfunding.com)
#22 ranked lender in New York - 59 contributions
Fstadler has it right. What you are looking to do is considered mortgage fraud. Not a good idea at all.
Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions
The best way to do this is have the co-sign for you as a non-occ co- borrower. This way you get the rate associated with a primary residence without having to qualifiy by yourself.
Rich Constantine (rconstantine)
#400 ranked lender in California - 79 contributions
You would have the Parents buy as an Investment Property. Unless you feel you cannot qualify for the Mortgage yourself? We can discuss. Nevertheless, the rate on an Investment would be slighty higher. You would need to put 20% down for a Convetional Mortgage. You cannot go FHA. The rates are really good though right now for any reason. In order for you to qualify on the loan later down the road, you would need to make the paymetns for 12 months and show proof. You must also qualify for a new loan. You will not be able to assume the loan without qualifying. You can email me for more info @ rconstantine@myhsoa.com my name is Rich. Hope this helps.
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