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About Brian HAHN
Expertise
I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"

Experience
Home Buying

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Real Estate Home Mortgages - mortgage for ssi recipients

Expert: Brian HAHN - 7/6/2009

Question
Me and my mother rented a home that turned out to be heading for forclosure. the lady renting is trying to reorganize the loan but so far no luck. she said she is willing to shortsale the home. she owes 127,000 and was recently told by the bank the house is only worth 80,000.
me and my mother really want to buy a home because prices now are so low that if we could get a mortgage we would either be paying the same or maybe even less.
so i have questions:
where do we find out about all the available grants and other first time buyer programs and actually apply?
can we as SSI recipients obtain a mortgage?
Isn't there some way to refinance this ladies current mortgage so we can get it for the 80,000 instead of having to pay the larger amount?
If our credit is not good enough how can we work out something between the land lady and the bank to where we pay the shortsale amount in her and our name until the 80,000 is paid and have her agree to sign over the deed or mortgage when we have better credit or have paid it off, wich ever comes first?

Answer
Chris,
1) Contact a mortgage loan officer to find out available grants - every state and select cities have their own grant programs. Some banks offer programs not offered by other banks; thus, I'd recommend talking to at least two loan officers to find out options available to you. Just make certain you're talking to a long time, seasoned loan officer who knows about many programs. The first question I would ask is how many years have you been in the business and do you do grant/bond money loan programs assisting in down payments?

2# SSI recipients are eligible to purchase a home; you will need to complete a loan application to find out the maximum mortgage amount you will qualify for.

3) No, a refinance is only available to the person who is on the title and on the note of the mortgage - not to a third party #you and/or your Mom).

4) A shortsale is available if the bank approves the sales amount / short sales price and if the new buyer qualifies for a mortgage. If your credit is not good enough, then you will need to get your credit into a position that allows you to qualify for a new mortgage - not "in the future".

I wish you nothing but the very best, Chris.
Brian Hahn

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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