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About Tom Burris
Expertise
I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA, Conventional & Subprime Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

Experience
4 years experience as a Mortgage Broker and as a Mortgage Banker

Education/Credentials
Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > buy home with parent as borrower

Real Estate Home Mortgages - buy home with parent as borrower

Expert: Tom Burris - 6/15/2009

Question
My husband and I are wondering whether his mother can purchase a home
for us- as she lives in another state. We would provide the down payment
and pay the monthly mortgage. She would be the owner of the loan and the
deed until we have repaired our credit enough to take over the loan.

My questions are whether my mother in law would qualify for an FHA loan to
purchase an out of state home that will not be her primary residence?. Also,
will the down payment be larger due to this? and lastly will she be taxed as it
would seem to be an investment property, although in reality she is just
helping us out.

Thanks in advance.

Charlie

Answer
http://activerain.com/blogsview/449665/fha-non-occupying-co-borrower

Mom could co-sign. But you would have to have credit. Her co-signing would not be able to overcome bad credit.... only help with income.

She cannot get an FHA loan for you unless you are on the loan as the main borrower.

She could buy conventional with 20% down... as an investment.

Sorry. I attached a link to an article I wrote.

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here