I live in my sons home and need to finance $70,000.00. The home is worth $150,000.00, Could I get a loan without a down payment?

Asked by wayne

3 Answers

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Answered by Paul Carag, Financial Adviser in Renton, WA
Good evening Wayne. Your question is easily answered with it depends. It depends if you meant 'refinance' to simply pull cash out if the home is completely paid for. More importantly, it depends if you are on title with your son. If not, you could be a cosigner with your son and no down payment is required because the loan-to-value (LTV) is below 50%. You would both would still have to qualify with income, assets, etc that are traditionally required on a mortgage loan. As I'm sure you must be aware, additional questions abound to better answer your question. I hope this started you in the proper direction. | 08.11.15 @ 02:52
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$commenter.renderDisplayableName() — {comment} | 12.02.16 @ 22:22
Answered by Eric Nelson, Mortgage Broker in Campbell, CA
Can you tell us who currently owns the home, is it in your son's name? Does he have any credit issues, and how is your credit? Is there any balance currently on the home?

These are vital bits of info that would allow for a quick reply.

Thanks
Eric Nelson
| 08.11.15 @ 19:12
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$commenter.renderDisplayableName() — {comment} | 12.02.16 @ 22:22
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
Assuming you are buying your sons home ...you will likely need to have at least 3%- 5% of the purchase price for the down payment of the home ...if you happen to be a Vet and have VA loan eligibility - then 0 down payment might be possible | 08.11.15 @ 22:56
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$commenter.renderDisplayableName() — {comment} | 12.02.16 @ 22:22
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