Is this a realistic option?
05-22-2012 07:13 PM
I have posted a couple of times before but here is a quick background. I sold my previous home through a short sale due to my divorce in 2010. I have since then let my credit score recover and I am currently at 710-712 according TU, EXP and EQ. The LO at my local bank has indicated that I should be eligible for a new mortgage 2 years after my short sale, Novemeber 2012 so long as I have a 10% down-payment.
So here's my current situation... I might have found the perfect house. I have an appointment this weekend to go take a look at it. It has everything I'm looking for and the price is right. My mother has mentioned possibly purchasing the house herself and then have me assume the mortgage after November when I can get approved. Is this a realistic option? Has anyone assumed a mortgage before? Is it a tough to a bank to approve such a situation?
Thanks in advance for the advice!