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Seaonal property

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dmhagman Joined: 07 Mar 2011 Posts: 1 1.36 Dollars($)	Posted: Mon Mar 07, 2011 6:54 am    Post subject: Seaonal property Like 0 Dislike 0 I'm looking to buy a summer home from my father. My father is aging and finding it hard to keep up with the property. He would sell it to me for what he has left on his mortgage, therefore I would hope to use a gift of equity as the down payment. The property is not currently heated, but has the hook ups and we could add heat relatively easily. It's small about 440 sf, but it's water front. The land is far more valuable then the structure. I have excellent credit no problem with qualifying, but I'm having a hard time finding a lender who will lend for this type of property. Are there any suggestions on whom I should be talking to in order to get a loan given this situation?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Mar 07, 2011 11:00 am    Post subject: Purchase Like 0 Dislike 0 All mortgages with which I am familiar require permanent, year round heat. This sounds like a second home for you, not your primary residence. Therefore, an FHA 203k mortgage is not possible (buy it and fix it). Therefore, about the only thing I can suggest, get the money to hook up the heat, then do the mortgage with gift of equity. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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