Home Buying in 22153>Question Details

Want_BIGGER_…, Both Buyer and Seller in Springfield, VA

My parents want to give me a land gift of one of their vacant land lots that has risen in value.

Asked by Want_BIGGER_house, Springfield, VA Sun Feb 1, 2009

Will this help me in my on my applying for a loan for a house in a few months? Will I be albe to show the real estate as an asset?

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Thanks for the info, the land is in another state, family land. We don't plan on selling it. And we want to buy in my present area. Just thought it would look good on paper as far as my total assets.

thanks
0 votes Thank Flag Link Mon Feb 2, 2009
Hi,

Owning assets is good on paper, but that alone will not help you in obtaining a loan. However, if you plan to purchase a home on another lot, and not build new on this lot, then you might be able to leverage that land as a down payment. Regardless of the land, lenders will still want to see you have a fairly decent credit score, current income, and something in the savings wouldn’t hurt either.

Contrats and good luck!

Frank
Web Reference: http://www.mrtownhome.net
0 votes Thank Flag Link Sun Feb 1, 2009
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