Home Buying in 46140>Question Details

Jason Bates, Home Buyer in Greenfield, IN

My husband and I can not buy a house right now, but my mother in law has agreed to try for us, is there anything special that will have to be done?

Asked by Jason Bates, Greenfield, IN Mon Aug 6, 2012

She also lives out of state.

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If paying cash, have her put you on title as at least 1% owner, so you will qualify for the homestead exemption. Here in Indiana that will cut your taxes in half. If getting a mortgage, she will have to wait until after closing and quit claim 1% to you... same effect! Good Luck!
0 votes Thank Flag Link Mon Jul 21, 2014
Is she planning on getting a mortgage or will she pay cash? If she is getting a mortgage, she will have to purchase the property as an investment property. As an investor, she would probably have to put 25% down. If she is paying cash, this is not an issue.

Another option, depending on your credit is that she can co-sign. However, you credit would have to meet approval.
0 votes Thank Flag Link Mon Aug 6, 2012
Consider talking to an attorney and/or an accountant. Will the house be in your names, or all three? Are you going to get a mortgage? If you are then how you structure the deed will be affected as well. Living out of state is less of an issue. She will have to qualify for the mortgage however. For this aspect speak to a mortgage professional.
0 votes Thank Flag Link Mon Aug 6, 2012
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