Melou, Home Buyer in West Hempstead, NY

How would I go about buying a second home? first home mortgage being paid my parents

Asked by Melou, West Hempstead, NY Wed Apr 20, 2011

First home belongs to my parents but legally under my name. Not enough income to show for two properties. What steps would I need to take to purchase my own home?

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If your parents are willing to help you a loan officer might just help ,
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0 votes Thank Flag Link Thu Apr 21, 2011
You can sit down with a qualified reputable Mortgage Broker/Bank and go over your finances, credit, etc. This will let you know exactly what your options are. Whether you can buy without doing anything with the present situation. There are alot of issues to review before making a decision and/or taking the next step. At that point, you will know exactly what is necessary and possible.

You may contact me direct for further info.

Good Luck,

Lillian Tramantano, GRI
Associate Broker
Coach Realtors
0 votes Thank Flag Link Wed Apr 20, 2011
The best thing that you can do is get your parents to refinance and put the house in their names. Short of that, I really don't know what you can do. The debt is yours and the banks look at it that way when they go to qualify you for a mortgage.
0 votes Thank Flag Link Wed Apr 20, 2011
Have you visitied with any qualified loan officer so yet, and if so were suggestions made as to what needs to be done; if not consider a consultation and go from there.
0 votes Thank Flag Link Wed Apr 20, 2011
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