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can a family member assume a mortgage

Can a family member "assume" my mortgage then use it as a rental property? The bank said it has to be owner occupied and insured. ANYWAY Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

how do banks approve home loans mortgage interest rate today financing a house that needs repairs can i get a mortgage on a foreclosure that needs repairs. – Best Answer: YES. You can get a mortgage which will include repairs as well as the purchase price of the house. To do so you will need to find a mortgage company that deals with investors and investment properties. They are experienced in the temp to perm loan that you would need.

Inheriting a home can become a troublesome financial burden, especially if the home comes with a mortgage. Under certain circumstances, you may be required to repay the entire loan in a very short time. The options available to you depend on your relationship to the person who named you as beneficiary of the home and.

fha with 20 down FHA loan with 20% down (and no PMI)? – myFICO Forums – 1728898 – Is it possible to get an FHA loan and put 20% down so therefore not having PMI or is PMI required on all FHA loans? Already applied for an FHA loan but won’t be ready to close until mid 2013 and now I see they may change the PMI rule so it’s for the life of the loan.mortgage estimator based on income One of the tools people can use to help to manage their expectations relating to home price is a mortgage calculator. A mortgage calculator is a simple tool that helps people figure out what their monthly mortgage payment will be by inputting pieces of information.

The “Gift Deed” or Donation Inter Vivos is a common way to transfer a mortgage to a family member. A gift involves no consideration or payment. The donor (he who gives the property) and the donee (he who receives the property) must do so in writing. There might be.

In some cases, you can still transfer a loan-even with a due-on-sale clause. Transfers between family members are often allowed, and your lender can always choose to be more generous than what your loan agreement says. The only way to know for sure is to ask your lender and review your agreement with a local attorney.

The lender gets to scrutinize and approve you before allowing you to assume the loan, but if you stop making payments, you’re the one responsible. The original borrower – the family member who let you assume their mortgage – is off the hook. These two approaches have their pros and cons.

There’s a new strategy floating around the personal finance world: paying off your mortgage faster with a home equity line of credit, commonly known as a HELOC. The strategy alleges that you can pay.

In order for a buyer to assume the mortgage on a property, they must first make sure that the loan has been structured to accept a transfer. You should get a copy of the mortgage contract from the seller. Carefully examine the contract to see if there is a clause that allows a buyer to take over the payments.

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