Parents can't afford taxes on inheritted home

Asked by Anna Bou, Howard Beach, NY Thu Jun 28, 2012

my parents recently inheritted my grandmothers home that they have been renting for years. The problem is as renters they never had to deal with big bills like the taxes and insurance. They are now realizing with my mom out of work and having a difficult time find a job that they might not be able to afford it. My question is what kind of loan programs are out there if my fiance and i wanted to buy the house from them, mind you this house needs major renovations. We are getting married in december and really wouldn't do anything until after the wedding and we would also be first time home buyers.

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Mohammad Pas…, , Jamaica, NY
Thu Jun 28, 2012
The time is right for 1st time buyer, good credit, enought income can get you the best interest rate ever. There are loan available for repair of the house also. So time is right now.
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Robbie Vaughn, Agent, Mineola, NY
Thu Jun 28, 2012
I'm no mtg. banker/broker, but it sounds like you may need a 203k loan or something similar. I can give you a # to a direct lender if you want. Good luck!
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Anna M Brocco, Agent, Williston Park, NY
Thu Jun 28, 2012
Visit with any licensed loan officer he/she can better advise if any programs exist, and determine mortgage qualification....
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