All Forum Posts by: Oscar Buendia

The idea is to buy it for the remaining 37K that is left on the mortgage and have her live there. @Account Closed

Hello everyone,

I asked in another forum how I could take over a mortgage loan (37K ) (home value 100-120k) for a disabled family member was told the best course of action is "to find a local lender familiar with the nuances of gifts of equity AND the "principal residence guidelines apply if..." exceptions for if/when you are providing housing for a disabled/sick/retired parent (which you ARE doing it sounds like, so this isn't being sneaky or fraudulent). You're going to want to layer these two things: the GoE and principal residence exception for disabled parent. These two things together are going to get you the lowest rate possible and keep your funds liquid, without incurring mortgage insurance." 

Does anyone know how I can make this happen? I have been calling lenders left and right and they all say that it would have to be an investment loan which is not what we want to do. 

@Chris Mason

I've been calling lenders left and right and they all seem to not know about "exceptions for if/when you are providing housing for a disabled/sick/retired parent". Do you know how I can point the loan officer in the right direction (where you got this information) or do I need to talk to an underwriter? Again thanks for the help.

Hello everyone,

Im seeking for a lender experienced with a gift of equity transaction in the Vernon, CT area. More info on what I plan on doing in the following forum post: 

https://www.biggerpockets.com/forums/88/topics/267...

Thank you.

Correct this is where she currently lives and the plan is for her to continue to live there. she had a heart attack recently and is on disability. This sounds like what we are trying to do and I am going to make some calls to lenders, research gift of equity and go from there. Thank you for the advice I really appreciate it.  @Chris Mason

Hello everyone,

Mother in law has a condo in CT with about 37K left to pay on it, nearby similar condos have been appraised at around 90K to 140K. My wife and I are trying to find out the best way to take over the loan or buy the house since her mom has gotten sick and is getting partial disability but cannot cover the mortgage and cost. Currently she is paying $900 mortgage @ 8% APR (bought back in the day and never refinanced). I've ran the numbers and I can get the mortgage with HOA/insurance/taxes to 400-550 with 8K downpayment. What is the best way to get control of the property and save some cost? Could we get her to transfer the home to us and we refinance (f possible avoiding closing costs)?or do we just have to do it through a Real Estate agent? I am pre-approved for the loan amount and if anyone has any advice it would be greatly appreciated. Thank you.

I am prequalified for a VA loan and was offered to be part of the EEM program (Energy Efficient Mortgage). I have done a bit of research on it and seems like a great way to lower energy costs. Does anyone have any experience with EEM and any ideas or strategies on how to fully take advantage of this from an investor's perspective? Thanks for the help in advance.

I am prequalified for a VA loan and was offered to be part of the EEM program (Energy Efficient Mortgage). I have done a bit of research on it and seems like a great way to lower energy costs. Does anyone have any experience with EEM and any ideas or strategies on how to fully take advantage of this from an investor's perspective? Thanks for the help in advance.

@Phani Malepati Most states do not allow it. Unless you have your own entrance to the basement and can convert the property into multi-property. From experience I can tell you that renting rooms/basement leads to issues. My parents rented a room in their house about 5 years ago and it led to the city fining us. Also if you evict a person from a room/basement and they take you to court, you may have to pay the tenant back the rent they paid while living there since it was illegal to rent. When it comes to renting in single family homes make sure its done right. Hope this helps.