Parental help in home purchase

Asked by Karin, Menasha, WI Thu Jul 18, 2013

I'm on Disability, my husband works, but have had luck refinancing our home. Now we want to move from AZ to WI. We manly do so before he finds a job so we worry about qualifying solely on my SSDI & LTD income even if our AZ home sells quickly and feels up funds (possibly 50% of new purchase price) . We've thought about my parents buying the home, then we purchase from them. They live in MI so it won't be a home near them nor they plan to reside in. What's the best way to do this?

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Fri Jul 19, 2013
There are a few ways you could go about this with financing... you could have your parents gift or loan you the money for down payment so that you get your debt to income ratio inline so that you can use just your income or your parents are able to be non-occupant co-borrowers on the mortgage for you. If you would like to discuss all your optioins please contact me directly. I am a local lender located in Wisconsin!

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes
Delete Delete, Agent, Delete, WA
Fri Jul 19, 2013
Karin,
Hi to save yourself some money and transfering the property twice you might want to consider just borrowing the money from your parents to buy the house yourself then when your house sells in Phoenix refinance the new house and pay your parents back. If you want me to email you information on homes in the Appleton area just let me know.

Thanks,
Wade Steidl
wade.steidl@century21.com
0 votes
John Hartfiel, Agent, Menasha, WI
Fri Jul 19, 2013
There are many opportunities in the $70-$100K range. I am sure that you will be able to find something comfortable in the $70-$100K range. Keep an eye out for homes which have the items which you wish your future home to have and make notes of the pricing. This will give you a good indication as to where a home which suits your needs will be priced when you start seriously shopping.

As far as the actual shopping goes, it's up to you how you and your parents make the arrangement for what will happen when they buy the home and then you have yours sold and will finance it. There are multiple options of course. They could act as the bank and give you a loan or if you estimate you will have enough for 50% of the home value I'm quite certain that there are lenders which will be able to come up with a solution and be able to provide financing when it comes time to do so. Of course even though you'd be buying the home from your parents the banking portion wouldn't change. It would still be subject to appraisals and underwriting approvals, etc.

Let me know what you're requirements are for searching and we can do some research for you to help you find what you're looking for.

I hope this has been helpful.
0 votes
Karin, Home Owner, Menasha, WI
Fri Jul 19, 2013
Dint know why it says I'm in Chicago, I'm in Phoenix.

My parents wouldn't need a lender, 100% cash. I may call, I need perspective on if we can get what we want in $70K to $100K range in Appleton. I don't know how fast or house would sell.... Add to that our realtor became one of my best friends, so I can't ask her advice on possible market time & price or she'll be upset that we may be moving!
0 votes
Delete Delete, Agent, Delete, WA
Fri Jul 19, 2013
Hi, that is a good question because there are a couple different ways to do it and I keep thinking of questions for you to get a better idea of what would work best. If you don't mind giving me a call I think I could better answer your question to help you.
Thanks,
Wade Steidl
Century21 First Realty
920-707-1901
0 votes
John Hartfiel, Agent, Menasha, WI
Fri Jul 19, 2013
The best advice I could provide is to start by speaking with the lender your parents would utilize. The lender will most likely dictate how things would need to happen in order for them to provide financing. Please feel free to call or email with any further questions.

920-627-1529
john@hartfielrealty.com
0 votes
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