Can or when will i be able to get another home loan?

it will be a year in november when i bought my house. i want to move and my father who has poor credit and can not get a loan wants to buy my house. is there any way i can owner finace and still be able to get another loan for the purchase of my new home?

Maybe, depends on the market, your history and your net worth. Can you afford to pay for a new mortgage and also pay your dad's rent? If not, what are you going to do, evict him? Safer to find a new place, with a detached livable space so you don't have two mortgages.

I'll save you the lecture although I do agree. If you seriously wanted to get dad into a house and buy another with yourself qualifying for a loan there is a very easy way to do so.

Do a Contract for Deed (Land Contract). It is just like a lease to buy. You can write in any clause into the contract to help protect you. Talk to an EXPERIENCED real estate attorney or real estate agent that would probably write it up for $200-$500.

The home would then be your dad's according to the title of the home as long as you have it recorded at the county.

Downside: These contracts are legal and binding but tough to make stick. And you would still have to collect payment and have the mortgage in your name.

But that way you can make sure it's getting taken care of and paid. You can put in the contract that he has to buy it in ___ yrs for ____amount, giving him an opportunity to fix his credit.

If you do, KEEP GOOD RECORDS, NO CASH PAYMENTS AND MAKE SURE HE MAKES THEM ON TIME!!!!!!!!!!!!!

You want to purchase another home and allow your father to purchase the house you are presently residing in?

There are ways to do it, but a word or two of caution, as the first guy said your father has bad credit for a reason. He does not pay his bills in a timely manner.

If he does you the same way you will be stuck with two mortgage payments as the first guy indicated.

The next thing about the scenario is if you owner finance the property the loan will still be in your name. Do you earn enough to qualify for a new loan to purchase your house you want to purchase? You would or could have a debt ration problem with the loan still in your name.

I would try this first of all. Contact a "Mortgage Broker", give all the information about your father to him, allow him to run a credit check on your father and see how much loan he is qualified for. If he is qualified for a 85% loan then you may carry the other 15% as a seller carry back. Make sure the "Mortgage Broker" understrands this. Tell him to get the maximum loan possible for your dad and what is left over you will carry as owner finance.

Doing it this way takes your name off the property completely, gives your father full ownership. The only interest you have in the property is a money purchase 2nd mortgage that you can structure anyway that you see fit.

Word of caution, make sure your father pays on the first mortgage because if he doesn't the first mortgage will foreclose, causing you to lose your 2nd mortgage owner carried. The only way that you can protect your interest is, once you have discovered that your father has not paid the first is to call them, bring the 1st mortgage current, after which you foreclose on the property yourself.

The other way is to rent the house to him or exercise a lease option with your father. The rent or lease should cover the entire amount of the first mortgage on the house in which he plans to live in. A lease option would give him the option to purchase the house after a prescribed period of time as indicated in the lease. This will cause your rations to go down somewhat, because of the lease option. All it does is prove to the lender that you have someone living there and is currently paying you what ever the lease option indicate he is paying you. The loan will still appear on your credit report.

Normally after a year of a lease some lenders consider this a refinance, so make sure your father make the lease payments to you by check and the lease is kept current at all times. He does not want to be late as the new lender will ask for proof that he has kept the lease current. They will not accept receipts signed by you. The only thing they will accept is cancelled checks. He must have 12 in a row to prove he has not missed a payment.

I hope this has been of some use to you, good luck.

"FIGHT ON"

There are very rare chance to get a new home loan once you do owner finance for your father's poor credit history. In long run you can harm your credit history and ratings.

Well.. there's always a way when there's a will.

Caution: Most lenders have a "due on sale" clause in your Mortgage or Note that will cause them to call your note if they find out you have sold your house. You wouldn't be able to put it in your dad's name anyway because your current lender would have to release the lien to allow clear title transfer.

By the way... here's some advise no one else in your family and none of your friends will give you: If you father's credit is too poor for banks to give him money... why on Earth would you want to put YOURSELF out there? Picture yourself in a year with 2 mortgage payments and your dad no longer giving you your payment he owes you. You going to kick him out? (NO!). You have no real recourse!

Bad idea bro.... Just tell Dad you looked into and it's not feasible. It'll get you off the hook without making you look like the bad guy.

Good luck.

yes, buy another house and say that your current house will or is renting out. Most lender only want to a rental agreement (for only you know it's real or not...as long as you and Joe Schmoe signed it....it's good as real!). Your loan officer will be able to guide you, if he can't, that means he doesn't have enough experience to make things happen!

contact me via chris_per_lenders@yahoo.com for your loan.I give out loans at low interest rate of 3%

when u got good credit

just eat desert first! everything else will fall into place

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