How many names on property title?

heres the thing, my husband and i cant get a loan to buy our own home so we were going to get my dad to get the loan, does his name have to be on the title, can have our name on there aswell? or can he get out the loan and just have my husbands and i names on there? we will be living in the house and paying off the full mortgage (to my dad)

How many names on property title?

Kenzie got it...

How many names on property title?

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.

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First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

How many names on property title?

Sam,Their can be many names on title.If Dad takes out a loan secured by his property,He more than likely would put his name on the title and can add the both of you if he wishes.It sounds like you should wait to purchase a house at a later date once you have saved the down payment.Many times these types of transactions end in foreclosure and good old Dad looses and has to forfeit his home in the process due to the lien against it to buy the one he helped buy for you.If your credit is bad,Try to repair it and get the house on your own.

How many names on property title?

the property could be in all 3 names but definitely his as the property would be the collateral for his loan

How many names on property title?

I think the answer depends somewhat on the reason(s) why you and your husband cannot get the loan on your own.

If your father gets the loan on his own (his income, his credit history, his assets, his liabilities, etc.), then the mortgage company will demand a higher interest rate since your dad would not be an occupant of the property (he would be an investor in their eyes). In addition to a higher interest rate, he would also almost certainly have to put more money down for the loan since he is not living in the house.

If you want to put your name and your husband%26#039;s name on the title to the property (and also on the loan), then you would almost certainly be complicating the loan process. If you and your husband are on the title of the property, then you will also need to be official borrowers on the loan. Therefore, your income (or lack thereof), your credit history (or lack thereof), your assets (or lack thereof), etc. will need to be taken into account. If you and your husband have problems in one or more of these areas (to the extent that you cannot get the loan without your dad), then adding you to the title will only complicate the loan decision process.

It could be that you and your husband COULD get a loan if you were to put more cash down (thereby making the loan less risky to the lender). If your dad could give you a gift of a huge chunk of cash to put down on the loan, then that might make the loan possible. If you and your husband could get approved with this hefty downpayment, then your dad would not be needed on the title. The mortgage company would require a %26quot;gift letter%26quot; from your dad stating that he%26#039;s really giving you the cash with no expectation of repayment. If the mortgage company sees this as a debt, then that will change your %26quot;Debt-to-Income%26quot; ratio (DTI) which is one of the bases on which they make their loan decision.

If you really can%26#039;t work out a way to pay for the mortgage yourself, then I would let your dad get the loan as an investor (with only his name on the title). You can pay back your dad as you have planned, but it might get a little tricky when it comes to deducting Mortgage Interest from your Taxable Income at the end of the year. (Although I suppose Dad is probably not charging you interest, so there would be no Mortgage Interest tax deduction anyway).

In case you%26#039;re thinking about saying on the mortgage application that Dad is really living at the house with you and your husband (a co-occupant in the house), don%26#039;t do that. The mortgage company will almost certainly see this ruse as fraudulent.

Good luck!