cancel
Showing results for 
Search instead for 
Did you mean: 

Quick question

Valued Member

Quick question

Im moving into a new house next month.. The house is in my fathers name.. Would I need to apply for my own mortgage for the home or would they just switch it over into my name?

EQ 700 Trans 695 Exp 722
10 REPLIES
Regular Contributor

Re: Quick question

They can't just transfer the mortgage into your name.  You'd have to apply and be approved for a mortgage.

Moderator

Re: Quick question

^^ Are you buying the house from your Father or is he "gifting" you the house equity or is it a rental? As pointed out above, to have the mortgage in your name you have to 1) own the property and 2) apply and be approved for a mortgage. Your mortgage would pay off his mortgage.

Valued Member

Re: Quick question

Im buying the house from him.. It has about 4-5 years left on it

EQ 700 Trans 695 Exp 722
Super Contributor

Re: Quick question

see if the bank will do a loan mod to add you to the note..... 

Retired Lender
Valued Member

Re: Quick question

Ok thanks.. Ill post an update

EQ 700 Trans 695 Exp 722
Moderator

Re: Quick question


DallasLoanGuy wrote:

see if the bank will do a loan mod to add you to the note..... 


Also Dallas, are FHA loans assumable with qualifying? Or is that what you mean by the above?

Super Contributor

Re: Quick question

i guess they could assume it.

 

but i helped a friend recently work on a loan mod to take over her mom's house. mom had died, so maybe that was a different deal.

but certainly worth the phone call. much cheaper than a purchase.

 

Retired Lender
Valued Member

Re: Quick question

My dad has the house because he mother died.. He has been making payments on it.. But he already has a house.. So he is letting me take over the payments.. Im going to call my bank and ask them about it

EQ 700 Trans 695 Exp 722
Valued Member

Re: Quick question

Spoke with someone.. They told me that It would have to stay in my dads name.. I would just apply as a joint applicant

EQ 700 Trans 695 Exp 722