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jcqhill2296 · Joined: 03 Sep 2010 Posts: 1 1.40 Dollars($)

i want to buy a proprty that i stay in can the owner transfer the property to me quit deed how do i find out what money is still outstanding on this property? what must i do first if i go through with this? how do i find out what equity is still in the house if any is there? can you please walk me through this? how do i get the loan turn over to my name? how do i find out if the is a second home loan taken out on this property? do i need (A) one credit in order to transfer the loan over to me? can i get a home improvment loan from the same lender to do the repairs that are need? can a one family home that was turn into a 2 family with two address be turned back into a single family home?

smithsussane · Posted: Sat Sep 04, 2010 2:48 am Post subject:

Hi jcqhill!

Welcome to forums!

The owner of the property can sign a quit claim deed and transfer the property to you. You can ask the owner of the property about the outstanding loan balance. You can even ask the lender about the same. You can contact a property appraiser and appraise it in order to find the amount of equity in the property. If there is equity in the property, then you can refinance the mortgage in your name. In that case, you can use the cash out amount for home improvement.

Feel free to ask if you've further queries.

Sussane

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do you have to have A one credit in order to get a home loan i have a creit score of about 650-685 will this get me a home loan

adonis · Posted: Mon Sep 06, 2010 1:10 am Post subject:

Welcome jackie,

It's not mandatory for you to have a credit card in order to get a home loan. With the credit scores that you've, you'll be able to qualify for a FHA loan.

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