Best of Luck,
Century 21 Tenace
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
The bank who makes a loan to her will not allow her to give title to anyone else without triggering a "due on sale" clause and they can foreclose on her.
Please be careful. You need an attorney. I recommend Dan Brown, he is also an Escrow Officer with Mission Title and will protect your rights and your moms rights.
Call me for more information. Terri Russo,
Home Team 210-385-0305
B. If your mom buys the home, she'll also be the one who borrows against it. That means she'll own the home and be 100% responsible for making the payment.
C. If your mom quit claims the house into your name after securing a note with a lender, she will be in breach of the note and the bank could call the note in full.
A. Again, having family members loan you money is a really bad way to live.
Yes, this is possible, but we have to be clear about how to set up the loan. When buying a home, as lenders, we have to determine occupancy. By occupancy, I mean...is the home going to be the buyer's primary residence, second home or investment property. These three categories determine the down payment and other important factors that you have to be aware of before entering into a contract. I have been a Loan Officer for 13 years in San Antonio and can help guide you. I also have a team of excellent real estate agents that can assist you with your home search.
Please call me so we can discuss your next move.
Castle & Cooke Mortgage, LLC
Home Team of America
Too many variables to give you a good answer.
Call me so we can talk and I can better answer your qusetion.
I highly recommend against this. It just creates all kind of headaches down the road in so many cases. If you want to buy a house do it on your own. If she wants to help gift you the down payment, that might be an option.
Please contact me with additional information so we can start working on this for you soon. Would you like to be in your new home by Christmas? It can be done!
How sweet of your mom! She will be the co-signer of your next home and basically the main owner. I just helped a young couple do the same thing. Will she be financing or paying cash? I know an experienced lender that could assist with that as well if needed. After figuring out what price range and location you want to preview properties at and get to the point of closing, she could either fly down and be at closing with you, or you can get POA (Power of Attorney) forms filled out to sign of her behalf, or get a notary to assist with closing where she is at.
It's really a quite simple process! I'd be happy to help with any more questions on how to get started. Feel free to give me a call at your convenience.
Pamela Rothe, REALTOR, CNE
Keller Williams Realty
210.861.7350 - Direct Line
If she will be buying the house, her name will be on the deed and all other documents, and of course she is ultimately responsible for the home. Will she be taking out a mortgage? If so, lenders may have different requirements (i.e. down payment, interest rates, etc.) for owners who are not planning to occupy the home. She would probably need to qualify for the mortgage without your income being counted.
If you want to ultimately own the home in your name, then you would need to set it up with an attorney. It might be something like a long-term lease-to-own arrangement, but the attorney should be able to tailor it to protect you both and hopefully prevent any misunderstandings within your family. Make sure you find an attorney who is experienced in real estate law.
Best of luck to you!
Kathy Walsh, RealtorÂ®
Keller Williams Heritage
Your mom is very generous. There are various ways to set this up; a good Mortgage Broker can discuss the options. Some possibilities would include having all of you on the home, but only her on the loan; having only her on both; gifting you the down payment and setting everything up in your name if you qualify and having her either make the payments directly or pay you so you can pay the mortgage.
Each option will depend on many factors we don't know yet. If she is buying in her name because you wouldn't qualify it will likely have to be a purchase as a second home or investment property. The mortgage lender can look at her situation and explain the options.
If financing is not an issue and she plans to pay cash, it will strictly come down to how you want the ownership to appear. If this is the case, a talk with an accountant may be a good idea too.
If she is going to finance it (not pay all cash), make sure you consult a Real Estate Attorney to set everything up the way you all want it. I know she's your Mother you want to make sure to protect yourself and have her be protected too. I have seen several instances where families are torn apart because things aren't 'spelled out' clearly and IN WRITING.