Subject: scenario/living in his
house for over 4 years with his wife and kids and his father and mother are the
only ones on title
Who
owns the subject property? Mom and Dad?
Does
Mom and Dad live with him?
If
Mom and Dad do not live there.. how long has Borrower been living in subject
property?
If
Borrower is living in Mom and Dad “rental Home” and has been for at least 6
months, you will need to document they have been living there for at least 6
months. If they have not had to pay any rent, then you will need to document
substantial savings by living rent free…
This
would be a Purchase if Borrower is purchasing from Mom and Dad with an Identity
of Interest. But as long as you can satisfy the FHA Condition for Identity of
interest you can do max financing. Mom and Dad can give a Gift of Equity for
all closing cost and 3.5% down payment if they choose.
Hope
this helps,
Kim
Boren
National
Underwriting Manager
Gateway
Mortgage Group
14850
Quorum Dr. Ste. 450
Dallas,
Tx. 75254
office:
972-908-3390 ext:102
fax#
918-392-8372
"The
Day is only as good as you make it"
From: damon
Sent: Monday, October 18, 2010 6:23 PM
To: scenarios@jerrylair.com
Subject: scenario/living in his house for over 4 years with his wife and
kids and his father and mother are the only ones on title
Hi,
I have a client who
has been living in his house for over 4 years with his wife and kids and
his father and mother are the only ones on title and have been making the
payments. Can he refinance the property with his father and mother?
FHA Loan
660 mid score
40% back-end ratio
What are your
thoughts???
--
Damon