loan to buy family members house

wiserg58 · Joined: 13 Apr 2008 Posts: 1 1.33 Dollars($)

I have a step son trying to buy his grandfathers house. The loan company said they could loan to him because they both have the same name. where is that law?

ckalvesmaki · Posted: Sun Apr 13, 2008 9:14 am Post subject:

It's not a law...

I'm assuming the loan was approved and the guidelines that would be followed are "gift of equity" guidelines. It allows family members to "gift equity"

Guest 0.10 Dollars($)

the loan hasnt been approved, this is supposedly a Texas law, i just cant find it.

sara

Even i'm not aware about such a law in Texas. Is the company willing to offer loan to the grandfather or the step son and what's a name got to with this! what matters is how's the credit and financial situation of the borrowers and whether he will be afford it.

0.10 Dollars($)

Hi ricky,

Welcome back.

I have not heard anything like this. I suggest you to contact with an attorney or shop around for other lenders.

Best of luck,
Larry

gmakerley · Posted: Mon Apr 14, 2008 6:57 am Post subject:

larry's last comment is apropos. your stepson ought to seek out another lender. the commonality of a name ought to have nothing to do with the approval or rejection of a loan request.

if there is such a law, it needs to be repealed right away.

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