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