Updated over 8 years ago on . Most recent reply
Getting a mortgage on a gifted property
I am seeking advice on a family property that I can obtain in which I am looking for a creative way to obtain a mortgage without a downpayment if possible. Is it possible to have a property gifted or quit claimed from a family member, appraised and seek out a mortgage towards a portion of the value of the home? I am looking to get a mortgage to cash out on part of the home value but not a mortgage on the full retail value of the home.
Most Popular Reply
I would think with a quick claim deed you'd be able to apply for a home equity line of credit or refinance the property. some banks may require a 30 day wait. Talk to a banker.. to see what the rates are..