Home Buying in Indianapolis>Question Details

derrick.weid…, Home Buyer in Queens, NY

Can I buy a house from my wife? Legal?

Asked by derrick.weidenaar, Queens, NY Mon Jun 10, 2013

My wife currently owns a home that was co-borrowed with her father, prior to us getting married. The mortgage is always paid on time and there is positive equity. I am looking to use my VA loan to purchase the house at current market value with no money down as a way of pulling the equity with less cost than doing a refi and I will actually be able to pull more of the equity and still have a payment lower than it currently is at. (based on today's rates) Does anyone have any advice on this or is this a smart move.

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Consult with an atty, but I don't see why not. Will the home be owner occupied or an investment? Sometimes there are rules that apply. A good contact would be Michael Holl 317-844-4200, or Alan Cohen 317-513-3056. Both are mortgage reps who are very good.
0 votes Thank Flag Link Mon Jun 10, 2013

I assume the house is presently titled in your wife's and her father's names? There should be no problem in your purchasing the house using a VA loan. As you are married, it will need to be titled in your and your wife's names. The lender will also order an appraisal. You'll need a purchase agreement to present to the lender. A local title company or attorney would be a good starting point.

Peter Knight
RE/MAX Ability Plus
0 votes Thank Flag Link Mon Jun 10, 2013
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