Financing in Romeoville>Question Details

John Holmes, Real Estate Pro in Romeoville, IL

Transfer of Ownership costs and time?

Asked by John Holmes, Romeoville, IL Wed Apr 21, 2010

How much does a transfer of ownership cost and what is the typical time it takes to complete?

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Answers

4
John,

That is a great idea.
However there are a couple issues to your idea.
1. If your trying to rent the home to your mother inlaw...you must have 25% equity in the home to count the rent.
This is a relatively new guideline by FHA-Fannie-Freddie
2. If she is buying the property she must "buy" the home and get her own mortgage for the home.
So you wont be able to just transfer ownership. You also must address the mortgage.

Feel free to give me a call this weekend if you have questions about this scenario.
Sincerely,
Steve Smither
Ardain Mortgage Corp
847-942-5151 Cell
ssmither@ardain.com
Web Reference: http://www.stevesmither.com
0 votes Thank Flag Link Fri Apr 23, 2010
For accurate information--consult with an attorney who specializes in real estate-- see what options you may have and all related paperwork.
0 votes Thank Flag Link Thu Apr 22, 2010
My mother in law is moving back to our area and my wife and I already own a house which is too small (we are starting a family). my wife and I want to buy a bigger house but cannot get approved because of the first house and we can't carry 2 mortagages. We can't sell the first house right now because we would take a loss. It works out great that our mother in law is moving back to the area and we want to transfer ownership to my mother in law so she can live in the first house so we can get approved and buy the bigger house.
0 votes Thank Flag Link Thu Apr 22, 2010
John,

I guess the question is are you just adding an owner?
Is this a sale from a relative??
What is the scenario and what are you trying to accomplish?

Thanks
Steve Smither
Ardain Mortgage Corp
847-942-5151 Cell
Web Reference: http://www.stevesmither.com
0 votes Thank Flag Link Wed Apr 21, 2010
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