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Gifting home Equity

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Onlyinthislife3 Guest	Posted: Sun Aug 15, 2010 9:21 am    Post subject: Gifting home Equity Like 0 Dislike 0 I was wondering what the simplest way to get this done is. My parents owe 55K on there place now. It apprised at 103K 5 years ago. Went to get info on getting another home loan for them. Was told because only one parent has income that debt to income needed to be decresased to make it happen on a 30 yr note. My question is can my parents sell my sister and I the current home for 55K and gift us the remaining equity? State is Missouri Thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Aug 15, 2010 8:14 pm    Post subject: Like 0 Dislike 0 Hi Onlyinthislife, Your parents can sell the property to your sister and you and gift you the rest of the equity. However, once the ownership of the property changes, you will have to refinance the loan in your name. _________________ Procrastination is the enemy of your financial success
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Wed Aug 18, 2010 7:28 am    Post subject: Like 0 Dislike 0 You parents will have to set up a purhcase agreement and give you a give of equity for "x" amount of dollars. FHA allows gift for downpayments and up to a 6% sellers concession. That seems to be your best route. As long as she can qualify, you shouldn't have any issues. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net

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