Home Buying in Connecticut>Question Details

Gammy, Home Buyer in Southbury, CT

I would like to buy a large estate home that includes an in-law apt. with my daughter and her husband. Can we have 2 mortgages?

Asked by Gammy, Southbury, CT Wed Jul 25, 2012

We could not afford the house on our own but together we can. Can we have 4 names on the deed? If it is just one mortgage I assume all parties are held responsible.

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Answers

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You should talk to a Real Estate attorney that can advise you. Many buyers in Naples Florida put their home in a trust and structure deals to suit their needs with the help of an attorney. Our website http://www.agent4naples.com offers vendors and local options for Naples. It would be in your best interest to talk to a local Realtor that could refer local professionals to help you.
Web Reference: http://www.agent4naples.com
0 votes Thank Flag Link Wed Jul 25, 2012
Only one mortgage if it is on one deed/lot and using a traditional mortgage product. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jul 25, 2012
There are no restrictions on the names on a deed. The real answer to this question is, its up to your lender. You need to talk to a mortgage broker that can look at all of the parties involved income, expenses, and credit scores. He/she will then tell you what loan you can qualify for.

Good Luck
Dan Ross
0 votes Thank Flag Link Wed Jul 25, 2012
Hello Gammy,
Yes, you can have 4 names on the deed but then all parties must qualify to purchase if you plan on financing and all would be responsible for the payments.
The lender will determine if you qualify to purchase a second home by reviewing your credit scores and debt-to-income-ratios among other factors.
I suggest contacting a few mortgage brokers or lenders to find out if all parties qualify and what that amount would be so that you have a better understanding of if you all are eligible and what price range you can comfortably afford.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Jul 25, 2012
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