Purchasing a Home for Someone
A client is buying a home for his mother. Since the loan is pre-approved in his name, but she will be the owner of the property. What would be the changes on the Third Party Financing Addendum and contract?
The loan is in his name she in not the owner till home is paid for title transferred in her name. Now she might be able be on title not knowing all the details difficult render further opinions.
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Lynn911
Is he preapproved for an investment loan and likely putting 20% down?
That's what most lenders will require.
Third Party financing shouldn't really look any different.
A1 is likely what they are using.
Good luck.
Contact your broker for an answer.
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