Posted on: 03rd Nov, 2007 02:10 pm
HI, my mom currently holding the tittle to her home, but she wants to put my name as part of the house tittle, will that effect me when i want to buy my first house?? holding the tittle to my parent house will it count as my first home?
Hi piggiesnakie,
If you hold the title of your parent’s house, it will be counted as your first home.
"will that effect me when i want to buy my first house?'
But that will not affect you to get the facilities of the first time buyer's. You will own the home because you mother is transferring the title to you but you are not buying it, okay. So you will get all the facilities that a first time buyer gets unless your credit report and debt to income ratio is too bad.
For first time buyer related questions you can see- http://www.mortgagefit.com/virginia/firsttimebuyer-loanoptions.html
IF you have any farther queries you can ask us :)
Thanks,
Larry
If you hold the title of your parent’s house, it will be counted as your first home.
"will that effect me when i want to buy my first house?'
But that will not affect you to get the facilities of the first time buyer's. You will own the home because you mother is transferring the title to you but you are not buying it, okay. So you will get all the facilities that a first time buyer gets unless your credit report and debt to income ratio is too bad.
For first time buyer related questions you can see- http://www.mortgagefit.com/virginia/firsttimebuyer-loanoptions.html
IF you have any farther queries you can ask us :)
Thanks,
Larry
Since your name will be a part of the house title, therefore it will not be your own first home. Neither will it affect you when you buy your first ever home.
To be a little more specific here...
becoming an owner of your parent's home will have an impact on you in a couple of different ways. First of all, it will not affect your ability to be a "first-time homeowner" under most, if not all, programs that are now available.
However, when the time comes for you to go and purchase a home, you will need to be able to demonstrate that you have not been making payments on the mortgage on that home. Documentation you will need would be evidence that your parent was making the payments (copies of cancelled checks are helpful, as are bank statements showing payments coming from the parent's account). If payments on that mortgage have ever been late, you may be held liable by the company with whom you are trying to obtain a mortgage. Therefore, make sure that your parent never fails to pay.
In the meantime, keeping your own credit record spotless and credit usage to a minimum will help you in qualifying when the time comes.
becoming an owner of your parent's home will have an impact on you in a couple of different ways. First of all, it will not affect your ability to be a "first-time homeowner" under most, if not all, programs that are now available.
However, when the time comes for you to go and purchase a home, you will need to be able to demonstrate that you have not been making payments on the mortgage on that home. Documentation you will need would be evidence that your parent was making the payments (copies of cancelled checks are helpful, as are bank statements showing payments coming from the parent's account). If payments on that mortgage have ever been late, you may be held liable by the company with whom you are trying to obtain a mortgage. Therefore, make sure that your parent never fails to pay.
In the meantime, keeping your own credit record spotless and credit usage to a minimum will help you in qualifying when the time comes.
thank you very much for everyone who answer back to my message.