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Getting a competetive rate now? Gift equity transaction.

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Getting a competetive rate now? Gift equity transaction.

I am getting ready to purchase the condo I have been living in for 2 years that my father currently owns.  Since he purchased it in 2011 the condo has gone up in value significantly due to the housing boom in my city.  I will purchase the condo from my father for $225k and it's currently valued around $350 so he is going to gift me the equity.  I have spent the last 6 months cleaning up my credit and have made great strides but still have 3 deraogatory marks- small charge offs, each under $500 and each currently paid in full.  One is 6 years old the others are both 3 years old.  My current scores are as follows- EQ:662 EX:664 TU:714    My annual income for the last 3 years is ~70k, no other debt.  My question is- because this is a unique type of a transaction (where the property is worth much more than the loan) am I likely to qualify for a competetive rate now- with my current scores which are only fair?  Or must I get my scores above 720 to get a good rate regardless of the transaction.

 

Thanks for any insight.

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Re: Getting a competetive rate now? Gift equity transaction.

+1

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