Posted on: 14th Jul, 2012 09:53 pm
How does being on a mortgage free home with my elderly mother in a state I do not reside affect me to purchase a new home?
Hi Smhiles,
As your name is mentioned on the property deed, you won't be considered as a first time homeowner. However, you won't face much problems in getting a mortgage provided you have the required credit score and income. This is because your present property is mortgage free.
Thanks
As your name is mentioned on the property deed, you won't be considered as a first time homeowner. However, you won't face much problems in getting a mortgage provided you have the required credit score and income. This is because your present property is mortgage free.
Thanks
Hi Smhiles!
Welcome to forums!
It should also noted here that the new home which you will be purchasing won't be considered as your primary property. It will be considered as your second home.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It should also noted here that the new home which you will be purchasing won't be considered as your primary property. It will be considered as your second home.
Feel free to ask if you've further queries.
Sussane