Buying First Home (from Parents)

AnthonyB

LoanSafe Member
#1
Looking for advise on purchasing my first home. It is currently my parents home and my mother wants to get out of the house and separate from my father. My father would still live in the home. Is there a way to purchase out my mothers half of the home? If so how would I go about doing so? Any advise on the matter would be helpful.

Thanks,
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#2
Hi Anthony,
Yes this would be considered a non-ARM's length transaction and can be handled directly through title. You don't need a realtor to help you with this type of transaction. Basically your mom or dad would gift you half of the properties value as a down payment (if the property is free and clear). Then you can obtain whatever loan may be best for your credit profile and details of transaction. Then your mom would be paid her portion of the equity in the home and you would then have a mortgage for the remaining.

If you have any questions on this please don't hesitate to reach out to me.