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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
Message 1 of 11
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.

Message 2 of 11
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.

Message 3 of 11
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
Message 4 of 11
Super Contributor

Re: Quick question

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

Retired Lender
Message 5 of 11
Valued Member

Re: Quick question

Ok thanks.. Ill post an update

EQ 700 Trans 695 Exp 722
Message 6 of 11
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?

Message 7 of 11
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
Message 8 of 11
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
Message 9 of 11
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
Message 10 of 11