godisalwaysnear
New member
Reaching out to just hear thoughts and opinions. I know the right answer is to talk to a loan officer/RE agent/Lawyer.
But my father is 80. He lives of social security and inflation has pretty much wiped him out to where he can’t buy groceries anymore. So I’ve been looking into different ways to either
A) purchase the house from him for the reminder he owes (80k is what is owed, 100k was the original sale price).
B) Doing an assumption of the mortgage.
C) Just paying cash and being doing with. Obviously this isn’t ideal as I’d rather put that cash to work elsewhere.
but it’s a still a possibility
I want to do an assumption just for ease. But he is using VA loan. Which from what I have read is assumable. But since I’m active duty I’m worried that would be denied because I would not “intend to occupy” even though that address is my permanent home record. His rate is also 3% which I would prefer to keep lol
With all this he would still be living there. I would not. So I don’t even know if any of this is possible.
But my father is 80. He lives of social security and inflation has pretty much wiped him out to where he can’t buy groceries anymore. So I’ve been looking into different ways to either
A) purchase the house from him for the reminder he owes (80k is what is owed, 100k was the original sale price).
B) Doing an assumption of the mortgage.
C) Just paying cash and being doing with. Obviously this isn’t ideal as I’d rather put that cash to work elsewhere.
but it’s a still a possibility
I want to do an assumption just for ease. But he is using VA loan. Which from what I have read is assumable. But since I’m active duty I’m worried that would be denied because I would not “intend to occupy” even though that address is my permanent home record. His rate is also 3% which I would prefer to keep lol
With all this he would still be living there. I would not. So I don’t even know if any of this is possible.