Posted by John P TX on September 25, 2003 at 22:47:21:
“Subject to” means you’ll get the deed and continue to make her payments, on HER loan. There’ll still only be the one loan… o’course the banks not gonna give you their blessing, that’s why you don’t tell 'em. check out william tingles site.
sub2deals.com they specialize in “sub to” over there.
Good luck. -John
P.S. don’t stop coming to creo though, this place is invaluable.
Can this work? - Posted by Kris
Posted by Kris on September 25, 2003 at 20:00:14:
I want to make an offer “subject to” the loan, but she told me the bank said she can’t have two FHA loans at one time. So does this mean the “subject to” idea will not work with this situation? If so, how can I structure the deal? If not, are there any suggestions? Thank you for your time. Have a great night.
Kris
Re: Can this work? - Posted by Bob In Indy
Posted by Bob In Indy on September 26, 2003 at 17:48:22:
Generally, a seller can’t have more than one FHA mortgage in one state at the same time.
If the seller is looking to get financing on another home…then they will have to get a non-FHA loan for the new loan…
That’s not too hard with the current state of the mortgage industry…
Please, please…never instruct any seller to lie about anything to any lender.
Life is too short and folks can go to jail for fraud.
Hope this helps,
Bob
Re: Can this work? - Posted by Brent_IL
Posted by Brent_IL on September 26, 2003 at 24:34:39:
I’m mentally reaching for this one, so it may be completely wrong. I think I recall that she can have up to four FHA loans. She will have to lie to FHA and tell them that she is keeping the house as a rental. If she says that she sold the house to you, FHA will want you to assume the loan. The qualifications are the same as those for new loan applicants. To answer your question, I don’t think it will work the way that you want it to.