home buying
jeff

Hayward, CA

#1 Sep 27, 2011
My father is selling us a house that is worth 300,000, he wants 150,000 for it , how do i get financing on this since the house is not under our name? Father not being helpful, says to figure it out then come to him?

thanks
Jeff
Jim

New York, NY

#2 Sep 28, 2011
Unless I'm reading this wrong, sounds like you need a standard mortgage.

A bank will loan you the money if you will pledge the house as collateral. If you are truly buying the house from your father, then it is yours to keep and the banks to take if you don't pay your bills.

The $150,000 sale price has to satisfy any other mortgage on the house though (that your father took out when he originally bought the house).

I've got more on my blog at http://our-big-house.blogspot.com

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