BIG HELP NEEDED WITH HOME EQUITY LOAN - Posted by njiggy

import · August 20, 2003, 6:01pm

Posted by patricio on August 21, 2003 at 24:08:32:

Have Mom sell the house to son. Gift of equity purchase. Search for a lender that will accept a “gift of equity” in leiu of a down payment.Example sale price 400,000 fico score in 600’s can still get a 65% LTV. Son puts down 35% = $140,000 (instead of cash present the “gift of equity”=$140,000). Son now owns home and sets Mom up with his financing as well as a nice chunk of cash. What? I know, it sems weird but this can be done. Good Luck

import · August 20, 2003, 6:01pm

Posted by njiggy on August 20, 2003 at 18:01:41:

This is our situation. My mother owns a home that is worth over 400k and owes about 200k on the mortgage. We want to take out 40k or be able to refinance and lower her interest rate. Currently 8%

Here is our problem.

My mother is not working right now so we have no pay stubs or anything to show a lender. I am working and make close to 50k but my credit is not the best. My FICO scores are in the 600s.

Please can someone advise us what to do. My mother has tried her bank and they told her they need proof of income. She is really not good with these things so I am out on a limb trying to think of something we can do.

Is there a lender someone can refer. House is located in Brooklyn New York

Thanks so much for any advise and information