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About Al Rodenburg
Expertise
Well...looks like I can see the light at the end of the tunnel (and it's not an oncoming train!). Seriously...for the last several years, underwriting guidelines have continued to change and become more restrictive; but it finally appears that they are heading in the "right" direction. My goal has always been to help the consumers and investors, as well as making the process as quick and transparent as possible. If you'd like to contact me directly, visit mortgageoffice.com.

Experience
Over 12 years, originating primary residence and investment propery mortgage loan financing - with an emphasis on making the process as simple and quick as possible for the consumer.

Education/Credentials
Principia College, Florida State U.,University of Illinois-Chicago, Roosevelt University and Lake Forest School of Management.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > gift of equity from a non-relative

Real Estate Home Mortgages - gift of equity from a non-relative

Expert: Al Rodenburg - 6/9/2009

Question
I am currently living in a house with my girlfriend that is owned by her mother. The house was located on a lot with another house that is lived in and owned by her mother. We got the necessary town zoning to subdivide the property into two lots and are now interested in purchasing the house from her. I am going to be getting the mortgage under my name as I have the better credit. My girlfriend also has 2 sons that live in house. Question is can her mother gift me equity if I am not a relative? This is in regards to both FHA and conventional mortgages.

Answer
My understanding is that if you can prove a long standing relationship with your girlfriend that you should be "OK".
What % gift of equity are you looking at?
p.s. for more definitive answer please fill out an Application at www.mortgageoffice.com and Gary will contact you and check with an underwriter. Thanks. - Al

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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