what is your opinion?
Thank you for your answer. Yes It will be my primary residence, not an investment property. What would be the chepest way to puchase it.?How it works? My mother does not have any money to gift it to me for downpayment. Is there some other way? Dear ibennett, you just mationed conventional loan at 3.5% downpayment. In our case the sale price would be $110,000. the market price for the house is at present $250,000.00. In our situation settlement cost wold be probably $10,000.00 including transfer and lown origination fee fees. Then perhaps the best solution is to get my name on the title and wait 6 moth and then refinance it, by lsoll1_664_922 from Langhorne, Pennsylvania. Feb 15th 2012
Joe Cafiero (JCafiero)
#19 ranked lender in Pennsylvania - 17 contributions
If this is going to be your primary residence then you do not have to wait for 6 months of being on title and you do not have to come out of pocket with barely a dime. You would buy it from your mother for the market value of $250k. She would give you a gift of equity for the down payment and closing costs so that in the end she walks away with the $110,000 that she needs to pay off the loan (or whatever amount you two decide). Double check on this but the transfer from her to you would not be subject to the PA Transfer tax (If there is a co-borrower on your end then half of the transfer tax would apply). Please contact me and I can walk you through this in more detail.Joe CafieroSuperior Mortgage GroupGuaranteed Rate Incjcafiero@supmort.com610 594-6611cell: 914 456-0677NMLS# 65146
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