Real Estate Home Mortgages/Mortgage Lender Questions?

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Question
Hello there. I am 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? Thank you for your help.

Answer
Hi -

Here are your options:

1. The house is purchased in your granddaughters name ONLY. In that case they are the sole owners of the property.

2. The house is purchased with you and your granddaughters on title. All of you are co-owners of the property.

3. Only your name is on title. In this situation the granddaughters are your tenants, but in the future you can either give them the house as a gift or leave it to them in your will. If you choose this option, the lender will look at the house as an investment property and will require a higher down payment and a higher interest rate.

You may want to consult a real estate attorney to make sure that your interests are protected.

Best wishes,


Eric
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

Real Estate Home Mortgages

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Eric Forster

Expertise

Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there. And by the way - you are invited to visit my website, www.real-estate-expert-witness.net.

Experience

More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

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