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Guest

Hi, we are hoping to build a second story addition above my father's existing home, so that we can live there. In order to do this, we have to do a first mortgage on the property with my father as the borrower and me as the co-borrower. The property is in his name (in a trust) and he is retired, so I'll be making the mortgage payments. I was told that there may be "seasoning" requirements on doing this. Is this true? Thanks in advance.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

How long has your dad had the exsisting mortgage?

Guest

He paid off his first mortgage and currently has a second mortgage (home equity loan). We plan to obtain a first mortgage on the property, using that to pay off the home equity loan. He's owned the home for 40 years. Do I have to be on title for a certain period of time before I can be a co-borrower?

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

It depends on the bank your working with. Ask them about their HomeStyle Renovation program.

Fannie Mae selling guide: HomeStyle Renovation Mortgage

Parents who want to provide housing for their physically handicapped or developmentally disabled adult children who are unable to work or who have income that is not sufficient for them to qualify for a mortgage on their own have special home financing needs. In recognition of this, we will consider a residence that parents purchase or refinance for such children to be a principal residence for purposes of satisfying our mortgage eligibility requirements even though the parent-borrower will not be the occupant of the property. We will extend this same flexibility to children who want to provide housing for elderly parents who are unable to work or who have insufficient income to qualify for a mortgage of their own.

Guest

please advise particulars on refinancing a house which has no mortgage and wants to cash out.....

eric1 · Posted: Fri Mar 27, 2009 6:21 pm Post subject:

You will need to verify a few things...
1. your new bank will have to not only allow you to cash out but also will need to agree to have that home equity loan open as well.
2. the bank holding the home equity loan will need to agree to be subordinated behind the new first mortgage.

gmakerley · Posted: Sat Mar 28, 2009 5:13 am Post subject:

but eric, you jumped too quickly (and of course none of the rest of us ever do that!).

their desire is to pay off the home equity loan with this new refinance.

hawaii grl, you have another option also. fha has a program (203K) that is designed for the type of renovations you are seeking. if you cannot get a "homestyle" - which is not available everywhere - then the fha product, which is available virtually everywhere, will be good.

eric1 · Posted: Sun Mar 29, 2009 7:00 am Post subject:

ahhh right...sorry George.

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seasoning requirements