Posted on: 15th Aug, 2010 09:21 am
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
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
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.
