I am currently living in a home with my uncle which is in his name. He plans on moving out of California due to the raising cost of particuly everything here. I make enough money and I have great credit. He is left oweing about 130K on the loan, the house was appraised at 400K. I want to to put the title in my name and get my own loan. Would I be able to take out 180K loan out instead of the 130K in order to finish paying off the house? I would use the additonal money to for home improvments.
2007-07-24 13:50:14 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, you will need to qualify for the home loan, go to your bank and apply, find the best interest rates, and have your mortage payment withdrawn from your checking account that way you will never fall behind on payments and NOT have to worry about making the payment. Best Wishes and Welcome to the Wonderful World of Real Estate!
2007-07-24 13:57:57 · answer #1 · answered by Janice 10 7 · 1⤊ 0⤋
i see no problem provided you can show that you can make the payments. you will need a recent estimate on the house plus all of the necessary paperwork that you would normally take when you go to apply for a loan. as a fall back position unless your uncle just needs the 130k and i assume he really doesn't since he is selling a 400k home for 130k you could just buy it from him and transfer the title and make the payments to him.. remember that in that sort of agreement if you miss payments the house reverts back to him. also before you leap to far can you also handle the taxes and insurance on a house with that value.
2007-07-24 21:03:12 · answer #2 · answered by mister ed 7 · 0⤊ 0⤋
Yes, you can do that, provided your uncle is willing to gift to you the remaining value of the home, which would be about a $220,000 gift on his part. If he is willing to do that, understand that your uncle will also incur a gift tax on any amount over $12,000 per year he gives to you, subject to a lifetime limit as well.
2007-07-24 20:55:34 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
Absolutely, if you qualify. You may be required to be on title for 6-12 months before you can refinance.
2007-07-24 20:53:41 · answer #4 · answered by ? 4 · 1⤊ 0⤋
Houses arent worth 400k I dont care who appraises them
2007-07-24 20:56:40 · answer #5 · answered by Caligirl 5 · 0⤊ 3⤋
You need to find ou first if his loan is assumable
2007-07-24 20:54:08 · answer #6 · answered by Anonymous · 0⤊ 1⤋