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Question
Dear Ms. Bryan,
I am in the process of buying a home that I have already qualified for. My problem is that I have seen a second house I'm very interested in and I would like to buy it also and rent it. I have the money for the down payment but the mortgage person who has gotten me the first loan tells me that I will not qualified to get a second loan at this time.
Is it possible to have a friend buy the second home for me and later transfer it to my name? (My friend would get the loan and I would put the down payment.
Thank you in advance for your help.
Sincerely,
Julia M Fernandez
Hi Julia;
Your friend can get the home but the loan will remain in the friend's name and he or she will be responsible for the payments unless a transfer of title and loan takes place. Just transferring title won't be good enough since the lender will not give you the loan. Also, if your friend cannot show evidence of the down payment, the friend may not qualify for the loan either. Banks these days are very particular and scrutinize things very carefully. I suggest that you discuss your ideas with a lender to see how you can work this since the lender will be able to determine qualifications based on credit scores, payment ratios and down payment amounts. The lender will also be familiar with Underwriter requirements and can more easily determine what they will accept.
Best wishes to you.
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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