Established Member
Posts: 58
Registered: ‎03-13-2012
Will an inherited home affect getting my own mortgage???



Long story short...My father passed away and as his only daughter and no spouse, I inherited his house.  He has a mortgage of about $105,000 and the property is hardly worth $110,000 (on a good day).  It is a 3 story house and my dad would rent out the top two floors and he lived on the 1st floor.  I plan to keep the house and rent out all 3 floors.  


My husband just recently went onto commission income, so we have a 2 year wait until we are able to purchase a home.  I talked to the bank and they said they will add me as a 3rd party to the loan.  It will not go on my credit report, but if/when we sell the house, any profit will come to me.  


So my question is...Will having this responsiblity of paying this mortgage be seen as a debt/liability?  Or will it be seen as income due to the rent paying the mortgage and then some?  Or will they even know about this property at all since it won't be on my credit report?