Is it possible to get a 2nd home loan with out having to put down 20%. I want to buy the house that my mom is living so her payments will be lower.
I'm not sure but I called one mortgage company and they said they would want about 20 thousand down plus closing cost.
I assume you own your house and are attempting to buy your mother's house and she will subsequently rent it from you. If that is the case, then you shouldn't necessarily have to put 20% down, but your interest rate will be higher because it is a rental rather than an owner occupied property. Check with other mortgage companies.
If he is not going to live there (not his primary residence) it is considered an investment property and most banks are now wanting 20% down on an investment property loan. If he is going to live there he should (depending on his credit) only have to put down 3% to 10% plus closing costs. You can also consider having your mom "the seller" increase the sales price to let you roll some of the closing costs onto the loan if you are short cash.
She is gonna try to get the house refinanced at a lower rate.Is there any government programs that help people with bad credit refinance their homes. I read something about a refinance cash out where you get money back.
Anytime you refinance you can get cash back IF the amount you are refinancing is more than what is owed on the house and the house appraises for at least the refinanced amount.
Why don't you just pitch in some of the mortgage payment every month? You obviously have the extra cash. Then, when it's all payed off, you can eventually switch the title over to your name. There should be no need to even "buy" the house....
