The other question I have is iam first time buyer an how do I go about taking over loan from my parents on house

Hi, the loan would have to be assumable and you would have to qualify just like a regular mortgage...

You have a few options. You can look at the assumption of it as stated by Ralph. You will also be able to look at your parents selling the home to you, and looking at the option of Gift Equity to cover your down payment and closing costs.if you would like to go over some numbers, please contact me at 909-648-0115.Ben Holloway, NMLS 330826

Contact the present lender and ask if there are any options they have .....its unlikely they will ..... then the next option is to purchase the home from them

If the loan is "assumable" then you may have the option to take over the existing loan from your parents. However if the loan is NOT assumable, you would have to qualify for a new loan based on present industry terms. In either case you have to qualify. Typically the main reason someone would try to assume a loan is if the current loan's interest rate is substantially less than the current market rates.If you buy the home from them using new financing though, this is treated the same as it would be if you bought a home anywhere else. You'd be subject to the same terms for credit, income and down payment.If you're looking at buying in Minnesota or Wisconsin, I would be happy to advise further on your situation. Feel free to give me a call at 651-636-2840 Ext 12 or email me at dyoungs@progressivels.com anytime. Either way I hope you're able to purchase your family's home!