Home Buying in 32807>Question Details

Deol2105, Home Buyer in Altamonte Springs, FL

I want to take out a mortgage for a house by myself and have my mom as the sole owner. Is this possible? Thanks!

Asked by Deol2105, Altamonte Springs, FL Sat Sep 29, 2012

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4
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What you're worried about is what's called occupancy mortgage fraud correct?

Purchasing the home as an investment property could be the solution.

80% LTVs on Investment Property Purchases in FL are offering rates for qualified biyers in the 3s

www,pro-option.com
1 vote Thank Flag Link Sat Sep 29, 2012
Yes, you have to solely qualify for the loan and put your mom on the deed. Your lender might want both names on the deed, but you should be the only one needed on the mortgage. At worse case you could remove your name from the deed later, as long as the payments are made I doubt the lender would have much of a problem. Check into this more to be sure.
1 vote Thank Flag Link Sat Sep 29, 2012
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Kinda confused, but maybe this will help.

Mom buyers property as Investment Property in her name. Then she does a Lease Option to you until you are divorced and then you refi / purchase all in your name.

Contact me at 2:00 tomorrow to go over more options.

http://www.pro-option.com

Steve@pro-option.com

888 662 4404
==
0 votes Thank Flag Link Sun Sep 30, 2012
Thank you!

We are planning to divorce , that's why I dont want to have my name on the deed. I and my spouse dont have any properties, we are the first time buyers. He doesn't want to lose his first time buyer advantages since we are married.
We live in Florida.
I have an excellent credit history, already got pre-qualified, and found a property that i like.

What can i do in this situation?
0 votes Thank Flag Link Sun Sep 30, 2012
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