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Dove | Help purchasing a house? |
I have been trying to get Section 8 housing for years but there is such a shortage of vouchers. Since I am on a small fixed income, with two young children, I recently moved to IN. where the cost of living is lower.
My brother offered to help me purchase a house. The mortgage will have to be in his name as my credit is ruined. The house is supposed to be mine. I can work on my credit and will eventually qualify for a mortgage. I will need to pay my brother back the 25% down-payment. In the meantime, I will be living in the house making the mortgage payments. What is the best way for me to protect my interest in the house? Lease option?
Please note: Sec. 8 Housing offers a Home Ownership Program. Though I may have to wait several more years for an opening, I wish to do so as my mortgage payments will be lower; hence less financial struggle. |
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georgia b
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There are a lot of government and low-income mortgage loan programs. Call one of the major lenders: Wells Fargo, B of A, Countrywide, WaMu, etc.
The best way to protect your interest would be either: 1. a Lease Option, which gives you "shared equity (ownership interest that increases each month that you pay toward your option)"; or 2. a Quit Claim Deed signed by him that grants you and him onto the property title, together. The Quit Claim would have to be filed after the loan is closed.
Also, you can NOT advise the bank that you have a repayment agreement on the down payment. He will have to state, in writing, that is is a "bonafide gift."
For your credit repair, send dispute letters to the bureaus, disputing EVERYTHING as "erroneous." Chances are, you will get some of it cleaned up when the creditors fail to respond to the dispute within 30 days. Then, keep cancelled checks for the monthly rent/mortgage payments to your brother. This will help in qualifying for your future mortgage. Some lenders may allow you to "refinance," rather than purchase, because your payment history shows a vested interest in the home. You could then use the purchase option credit from your brother as "down payment" or equity. Some of the lenders I mentioned have "sub-prime" divisions with looser guidelines. |
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makingapost
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Not sure about the law in Indy but perhaps a Land Contract could be used. Your brother buys the place and you, in turn, buy it from him. So long as the payments are made there ought to be no problems. I would talk with a real estate attorney to be certain. Could be the best money you'll spend. |
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bostonianinmo
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Since you won't be on the mortgage, you won't be on the deed. Lenders just won't allow that!
Check with an attorney and see about doing a contract for deed with your brother. Structure it so that your rent will equal the mortgage payments he has to pay. An easy way would be for you to pay rent equal to the mortgage principal and interest, as well as all property taxes and homeowner's insurance. The contract for deed would run for the same term as your brother's mortgage.
This will protect both of you if it's drawn up properly. Your brother gets the money for the mortgage payments and you get the deed when the contract and mortgage are paid off. If your circumstances improve in the future, you can get your own mortgage and pay your brother off with the proceeds which he then uses to pay off his mortgage.
One thing to watch out for. If he's buying it as his residence, he will need to move a few of his things into the house at closing to establish his "intent" to live there. A bag of dirty laundry for a few days would suffice to cover the legality.
Have a lawyer draw it up and you'll both be protected and get what you need. |
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David
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First, you have a good brother. Most families do not help each other.They are too busy stabbing each other in the back.
Go to a real estate lawyer. They can help you setup something that will benefit you and your brother.
PS Ruined credit WILL turn around in time. I ruined mine, TWICE and I have turned around my credit with no problems. |
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doinou
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A lease purchase option sounds like a good idea. Either that or a sales contract with a closing date several years away. |
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rlanicek
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You have some good answers here.
First, both of you sign the purchase contract and both of you get on title. Then you would be protected from your brother from selling the house out from under you because you'd have to sign also.
Next, a lease-purchase contract is good, but a contract-for-deed is better. A contract-for-deed means you are buying the house from your brother, and if you make all your payments, in x years (usually 30) then he will sign the title over to you. As far as refinancing, once you have twelve months canceled checks (write a check to your brother every month--nothing else will work) then you can refinance the mortgage into your own name.
Don't tell the mortgage lender, the Realtor, or the title company about the 25% gift. Just tell your mortgage lender to find a program that doesn't require sourcing or seasoning of funds.
A quit-claim deed won't help you much in this scenario.
Depending on your brother's credit and income, he may not have to put 25% down. I have loan programs with no down payment .
Lenders do allow people to be on the deed if they are not on the mortgage, regardless of what you've heard.
Good luck. Let me know if I can help.
Rick Lanicek
www.primelendingonline.com |
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bucksolutions1
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See if he can cosign for you on the house. Otherwise, get an attorney and he/she can draw up papers to suit you both. Don't forget if he does this and you can't pay the payment he is liable for the payment since it will be his credit your using. And that will put that money out of his pocket. And if he does do that for you he needs to make sure that he can afford the house if for some reason something happens where you can't. |
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bianca
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when your brother will purchase house for you- put your name on the tile of the house and this way your brother can't sell this house without you. when you will be ready to refinance the house for your name only, it will be easier, because you will be the co owner of this house already. it will be also wise for you and your brother to write some kind of agreement between 2 of you regardless how much money you have to pay your brother back and when. |
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Leah M
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Put it in writing. Write out the agreement that you have with your brother, both of you sign it, and keep a copy of it someplace safe.
I'd say you should look into a "quitclaim deed," in which your brother can transfer his interest in the property into your name (maybe he would want to do this once you've repaid him the 25% down?).
I'm not sure, however, how owning a home would affect your chances of receiving help through Section 8... |
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