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Old 10-26-2009, 06:53 PM
 
2 posts, read 17,515 times
Reputation: 10

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Hi everyone!

I'm here in Georgia and I work at a university.

I have a credit score of 750-800.

My mother is giving me the opportunity to buy her house 3 hours away from my current work, for $35,000, the amount she owes on her mortgage.

The house has been appraised at $125,000.

I've never had a mortgage. I rent and walk to the university for work.

I talked to a mortgage broker with Wells Fargo and he said that I couldn't get a mortgage because I work 3 hours away and because my mother owns the house.

This seems crazy to me.

I have excellent credit. I have $8,000 in my savings account at Wachovia.

Do y'all think that I can put that money in a local bank in my mom's hometown and then get a mortgage for that amount of $35,000?

Or is that too small an amount?

I just don't understand why I can't get a mortgage.

I don't own any land. So could I get a personal loan for that amount?

It's really confusing. I just don't understand.

Thanks everyone. :)
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Old 10-26-2009, 07:26 PM
 
Location: SoCal desert
8,092 posts, read 13,894,941 times
Reputation: 14907
Ask your Mom to finance, also known as Owner Will Carry.
Give her a down payment, sign a note, make payments to her.
Enlist the aid of an attorney or escrow officer to handle the paperwork.

Although, it all depends on if her current mortgage holder will allow her to do this - pretty sure this is called a wrap-around.

But why do you want a house 3 hours from work??
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Old 10-26-2009, 07:44 PM
 
2 posts, read 17,515 times
Reputation: 10
Hi Gandalara. Thanks for your thoughts.

Well, later I plan on getting married and moving there and my wife will teach and I can go back to school.

But that's in the future, and mum needs the money now and the opportunity to help her and get the house for $35,000 is why I'm asking. Thanks for the idea.
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Old 10-26-2009, 09:24 PM
 
Location: Boca Raton, FL
5,687 posts, read 9,303,172 times
Reputation: 7523
Smile Mortgage on home

There is a thing called gift of equity - I will check into it for you and I know someone who could help you in GA.
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Old 10-26-2009, 09:37 PM
 
Location: SoCal desert
8,092 posts, read 13,894,941 times
Reputation: 14907
There should be others chiming in on this that are much smarter than me :-)
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Old 10-26-2009, 11:10 PM
 
673 posts, read 1,737,044 times
Reputation: 590
You haven't explained the whole scenario here so this may not apply.... but why not just make your mom's payments for her?

Then when the house is paid off, she can deed the title over to you.

You don't need to get a credit check, you don't need to have another loan "against" you on your credit report, you don't have to deal with any banks/paperwork for now....

It doesn't sound like your mom is asking for any additional cash out...

Why even bother with a new mortgage here?
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Old 10-27-2009, 07:50 AM
 
9,807 posts, read 14,237,641 times
Reputation: 8189
Quote:
Originally Posted by volk2k View Post
You haven't explained the whole scenario here so this may not apply.... but why not just make your mom's payments for her?

Then when the house is paid off, she can deed the title over to you.

You don't need to get a credit check, you don't need to have another loan "against" you on your credit report, you don't have to deal with any banks/paperwork for now....

It doesn't sound like your mom is asking for any additional cash out...

Why even bother with a new mortgage here?
Sounds like a great solution.

Make sure your mother has this covered in her will,however.
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Old 10-27-2009, 04:15 PM
 
Location: Planet Eaarth
8,955 posts, read 18,574,214 times
Reputation: 7193
Talk to a lawyer to see if you assume the remaining debt on the mortgage and let mom live there and pay you a small rent (or not) but a let a lawyer help you do this right for both you & mom.
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Old 11-02-2009, 09:47 AM
 
3,737 posts, read 7,246,181 times
Reputation: 1916
Take over your mother's loan and have paper work drawn up showing this.
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Old 11-02-2009, 11:32 PM
 
48,508 posts, read 87,859,401 times
Reputation: 18157
Souds liike something other than your credit is wrong like income maybe ;work history etc.Why not check with wer your banking now instead of wells fargo.
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