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I am schedule for closing on tuesday i have a rural development loan

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ttvjo11 Joined: 29 May 2011 Posts: 1 1.28 Dollars($)	Posted: Sun May 29, 2011 12:07 pm    Post subject: I am schedule for closing on tuesday i have a rural developm Like 0 Dislike 0 i just found out that another home is still in my name can i transfer the old home in my children name and still qualify for a rural development loan if i do it the same day of my closing.?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun May 29, 2011 8:19 pm    Post subject: Like 0 Dislike 0 Hi ttvjo! Welcome to forums! You can transfer the property to your children if they are more than 18 years of age. As far as I know, you do it on the day of the closing. Nevertheless, you can contact a real estate attorney and take his opinion in this matter. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue May 31, 2011 9:15 am    Post subject: Like 0 Dislike 0 Well, here we are and it's Tuesday. I trust you spoke with your lender and discussed how to rectify the situation. It's up to them, based on product guidelines, as to how you proceed, I believe. Obviously, you'll already have engaged the services of a real estate attorney in preparation for the closing on this new home. I hope you'll be able to transfer title concurrently with your obtaining the new mortgage and avoid annoying delays. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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