Buying or Selling a Home/Lender Question?

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Question
Good morning. I live in Texas and am interested in purchasing a home for my granddaughters. I found several mortgage lenders to which I can apply, but before I go forward, I was wondering if they would be willing to provide assistance for someone who wants to put the home in their names. Is this possible? Thanks so much.

Answer
Good morning,

While I'm not sure if it is legal in Texas, I have seen similar circumstances here in Florida.  You as the borrower would be on the promissory note with the bank but the title would be in your granddaughter's name.  You just need to be up front with them from the beginning of the process.  

On the other hand, most loans are not assumable so you wouldn't be able to get the loan and then transfer that into their name.

Keep in mind that the loan process has changed as of Oct 3rd.  Give yourself plenty of time to complete the process (45-60 days) and stay on top of deadlines your loan officer gives you!

Good luck!

Buying or Selling a Home

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Kerrin Kostelic, FL Broker Associate, GRI, AHWD

Expertise

Let me know if you need help with any of following type questions: How to choose a great agent? Why do I need to hire a Realtor? What does "agency representation" mean in Florida? How does a Realtor get paid? What do I need to do to get my house ready for sale? How important is pricing in getting my home sold? What if I'm under water in my current mortgage? How do I go about getting a loan? Please keep in mind that I cannot give legal nor financial advice as I am not licensed for either of these activities. In addition, real estate law changes from state to state; I am licensed in Florida only so that is specifically my area of expertise. If it is a more general real estate question, feel free to ask away!

Experience

I have been a full time real estate licensee in the State of Florida since 2000 and received my brokers license in 2005. I have helped 200+ clients and customers buy and/or sell a home, condo, or vacant property since that time. I continue to educate myself in my field taking numerous courses on financing, negotiating, contracts, Fair housing, construction, all in order to become a better professional.

Organizations
National Association of Realtors Florida Realtors Pensacola Assn of Realtors Leadership Pensacola class of 2008 Gulf Coast Search and Recovery, K-9 Inc -- volunteer, handler in training, & Secretary/Treasurer

Education/Credentials
BA in Social Sciences/Language Arts with Elem. Education certification--Univ of Michigan, 1993 Real Estate licensee in FL -- Oct 2000 to present Graduate, Realtor Institute, Nat'l Assn of Realtors -- 2004 Broker Associate, FL -- 2005 At Home with Diversity designation, Nat'l Assn of Realtors -- 2009

Awards and Honors
International Diamond and Sterling Societies, Coldwell Banker for high production and volume levels. CB United, 100% Customer Satisfaction rating Military Relocation 100% Satisfaction rating "Award of Excellence" from Realtor.com for Outstanding Internet Marketing

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